Term:
Money laundering
Definition:

The attempt to conceal or disguise the ownership or source of the proceeds of criminal activity and to integrate them into the legitimate financial systems in such a way that they cannot be distinguished from assets acquired by legitimate means. Typically this involves the conversion of cash-based proceeds into account-based forms of money.

Domain:
Finance
Source:
A glossary of terms used in payments and settlement systems, July 2001, Committee on Payment and Settlement Systems, Bank for International Settlements
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