Short, Simple and Interesting FAQs
Money laundering is the process of illegally concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In United States law, money laundering is the practice of engaging in financial transactions … Read more
A real-life example of money laundering involves the case of the “Russian Laundromat,” which was a massive and complex money laundering scheme that operated from 2010 to 2014. The scheme involved creating a network of companies and accounts to move and “clean” illicit funds through a series of transactions that made the money appear legitimate. … Read more
No, money laundering does not refer to “washing money” in the literal sense. Money laundering is a complex process involving illegal activities to make illegally obtained funds appear legitimate. The term “money laundering” is used metaphorically to describe the process of “cleaning” or “laundering” the origins of money that has been acquired through criminal means. … Read more