Money Laundering

Definition

  • Popular term used to describe the process whereby criminals conceal illicitly acquired funds by converting them into seemingly legitimate income. While the term refers to the proceeds of organized crime generally, it is now most often associated with financial activities of drug dealers who seek to launder the large amounts of cash generated from the sale of narcotics.

Synonyms
concealment of income source, drug money, cash money business, dirty money

Acronyms
ML

Related Terms and Acronyms

  • Anti-Money Laundering (AML)Acronym,
    • Anti-Money Laundering - Combating the Financing of Terrorism (AML-CFT)Acronym,
      • Clean Sheeting Definition,
        • A type of insurance fraud where an individual deliberately fails to disclose a pre-existing condition in order to receive coverage, sometimes with the help of an insurance broker.
      • Concealment Definition,
        • The act of lying or omitting information when applying for insurance coverage.
      • Insurance Fraud Definition,
        • An illegal attempt by an individual or entity to receive insurance benefits that they would otherwise not be entitled to or for an insurance company to deny a legitimate insurance claim.
      • Tort Definition,
        • An act that causes harm or loss.
      • Unauthorized Insurance Definition,
        • A fraud where a scammer sells a victim an insurance policy that doesn't exist.
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