money laundering
1 of 1noun/ˈmʌni ˈlɔndrɪŋ/
1
the process of concealing the origins, ownership, or destination of illegally obtained money by passing it through a legitimate financial institution or businesses
The idiom "money laundering" originated in the United States during the 1920s when criminals wanted to hide the money they earned from selling illegal alcohol. They called it "money laundering" because they tried to make the money look clean, just like washing dirty clothes. Since then, the term has been used to describe hiding the source of illegal money by making it seem like it came from legal activities.
- Criminal organizations engage in money laundering to disguise the illegal proceeds of their activities.
- She suspects that the company is currently involved in money laundering to legitimize their illicit funds.
- A dedicated task force is working to uncover and prevent instances of money laundering in the financial sector.
- Last year, it was discovered that the politician had been involved in money laundering schemes for several years.
- The criminal mastermind was convicted for his involvement in a large-scale money laundering operation.