money laundering
Definition
Noun: - The process of concealing the origin of illegally obtained money: This involves making money generated from criminal activity appear to be legitimate ("clean") by passing it through a complex sequence of banking transfers or commercial transactions.
Usage
This term is used to describe the specific, illegal financial activity of disguising the origins of illicit funds. It is a formal legal and financial term. - The bank was investigated for its alleged role in international money laundering. - New regulations aim to make money laundering more difficult for criminal organizations.
Advanced Usage
- "to launder money": The verb form from which the noun is derived, meaning to engage in the process of money laundering.
- The cartel used shell companies to launder money.
Variants and Related Words
- Launder (verb): To process (illegally obtained money) to make it appear legitimate.
- Money launderer (noun): A person who engages in money laundering.
- Anti-money laundering (AML) (adjective): Referring to laws, regulations, and procedures intended to prevent money laundering.
Synonyms
- Cleaning dirty money: An informal synonym describing the process.
- Illicit finance processing: A more formal, descriptive synonym.
Related Phrases
- Layering: A specific stage in money laundering involving complex transactions to obscure the audit trail.
- Integration: The final stage where the "cleaned" money is reintroduced into the legitimate economy.
Noun
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concealing the source of illegally gotten money