Gray Money

Gray Money

Money one derives from tax evasion. For example, gray money includes illicit deductions or funds hidden in an offshore bank. Gray money is similar to, but distinct from, black money, which is the revenue from a criminal enterprise, such as drug dealing.
References in periodicals archive ?
What's worse, Turkey has virtually turned into a haven of black and gray money.
BLACK MONEY, GRAY MONEY, FUNNY MONEY: THE MANY SHADES OF DIRTY DEALS
At a time when Iran was under international sanctions, they made Turkey a country that laundered Iran's energy money worth tens of millions of euros, which, in the best definition, could be considered semi-legal or gray money in the context of the international financial system.