what is money laundering in banking

What is considered money laundering?

by

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

Does money laundering mean washing money?

by

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