Launder


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Launder

To move illegally acquired cash through financial systems so that it appears to be legally acquired.

Money Laundering

An illegal act in which one makes illegally obtained money appear to be legally obtained. For instance, one may route money obtained in drug trafficking through a shell company to give it the veneer of legitimacy. One formerly common example is the practice of exchanging illegally obtained money for coins and placing them into a soda machine. One then deposits money from the soda machine such that it looks like the money came from the purchase of sodas rather than from its real source.
References in periodicals archive ?
Attempts to launder money off the track through racing's financial organisations are also seen as unlikely with Weatherbys bank pointing to a high proportion of domestic clients limiting the likelihood of individuals using the bank for nefarious activities.
(30) If a single currency is introduced, it would make it easier to launder funds without having to account for any losses due to exchange rate fluctuations.
government ran a successful sting operation laundering money for the Medellin cartel of Colombian cocaine dealers, a competitive price for large quantities was reported to be about 5 percent of the gross amount laundered, with very speedy delivery guaranteed.
Do not field launder or machine launder the stuff sack.
* The most obvious clue to the use of a legitimate business to launder money is in the company's profit margin.
The criminals used these accounts to launder millions of dollars to offshore banks, according to Tom O'Connell, an INS agent on the case.
At the same time, the crusade against laundering has served as an excuse for criminalizing a wide range of conduct, such as cash transactions over $10,000 not reported to the government, in which none of the participants would in other respects be deemed criminal and no one is trying to "launder" anything.
Technological advances in e-commerce, the global diversification of financial markets and new financial product developments provide further opportunities to launder illegal profit and obscure the money trail leading back to the underlying crime.
The NBI confirmed that neither of the two telecom companies conducted "real" business activities in Finland, and operated for merely to launder money from Italy and Britain.
Property adviser GVA Grimley has issued a warning to the commercial property sector to be vigilant against individuals or companies using the industry to launder "dirty" money.
A November 9, 1999 report, "Private Banking and Money Laundering: A Case Study of Opportunities and Vulnerabilities," also prepared by the Democratic staff of the Senate PSI, detailed how Raul Salinas employed Citibank's private banking department to launder over $240 million into Swiss accounts.