money laundering

Definitions

Accounting

  • noun the act of passing illegal money into the banking system

Economics

  • noun the passing of money from illegal activities, such as drug trafficking, through apparently legitimate businesses to allow it to be used further without being detected

Forex

  • The process by which funds obtained through illegal means can be made to appear legitimately gained. Money laundering typically occurs in three steps: (1) placement by introducing cash into the financial system, (2) layering on a series of transactions to disguise the illegitimate source of the funds, and (3) integration by using the funds to obtain valuables.
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