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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
38% - Moderately

Money Laundering


Synonyms:cash money business, concealment of income source, dirty money, drug money
Acronyms &
abbreviations:
ML
Filed Under: financial-banking, investments, taxation
Tags: legal, tax invasion, taxes
 

Definition of money laundering (ML)

money laundering (ML)
1. 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.

Related Terms and Acronyms:

  • anti-money laundering (AML)
  • anti-money laundering - combating the financing of terrorism (AML-CFT)
  • clean sheeting   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   The act of lying or omitting information when applying for insurance coverage.
  • insurance fraud   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   An act that causes harm or loss.
  • unauthorized insurance   A fraud where a scammer sells a victim an insurance policy that doesn't exist.

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