launder


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money laundering

The criminal act or practice of processing large amounts of money obtained through illegitimate or illegal means, often in small increments through banks or other legitimate businesses, so as to conceal its source or origins. One of the clubs downtown was shut down last week on charges of suspected money laundering for a local criminal enterprise.
See also: launder, money

launder money

To process large amounts of money obtained through illegitimate or illegal means, often in small increments through banks or other legitimate businesses, so as to conceal its source or origins. One of the clubs downtown was shut down last week on charges of laundering money for a local criminal enterprise.
See also: launder, money

launder

tv. to conceal the source and nature of stolen or illicitly gotten money by moving it in and out of different financial institutions. (see also greenwash.) The woman’s sole function was to launder the money from drug deals.
References in periodicals archive ?
Ladle transfer also has significant safety risks whereas launders are simple to operate and maintain, incur low metal loss and provide for quiescent metal transfer.
While pressurizing and depressurizing to flush hot metal into and out of the pour launder helps, it does not solve the problem.
The FATF report itself says that while professional launderers were used in the US, Italy and Russia, "in many cases it was observed that criminals launder their own proceeds" and this had implications for countries which did not recognise "own proceeds" laundering as a money laundering offence "If you rob a bank and want to launder that money and decide to launder it yourself, buying a house or car or so on, then in some countries the only thing that you can be charged with is the theft of that money - you can't be charged with the laundering as well," Mr Schmoll said.
Individuals who launder money use a variety of techniques to avoid detection by law enforcement.
The use of the banking system to launder the proceeds of criminal activity can certainly damage the reputation of the banks involved, as well as have a detrimental impact on the banking sector as a whole.
Consequently, we will continue our cooperative efforts with other bank supervisors and the law enforcement community to develop and implement effective anti-money-laundering programs addressing the ever-changing strategies of criminals who attempt to launder their illicit funds through private banking operations, as well as through other components of banking organizations here and abroad.
Sirouss Sadighi, 69, was convicted of two counts of conspiring to launder drug proceeds and four counts of the actual laundering of money linked to drugs.
Develop policies for dealing with cash and monetary instruments and preventing the institution from being used to launder money.
According to the indictments, a drug cartel middleman solicited help from the bankers, asking them to launder money that was ``represented to be the proceeds of the sale of illegal narcotics.
A judge Wednesday sentenced former Los Angeles City Councilman Art Snyder to six months in jail and fined him $216,000 for heading a vast conspiracy to launder political contributions to city and state officials.
Companies that launder campaign contributions to politicians would be barred from city contracts for four years under a proposal approved Wednesday by a Los Angeles City Council committee.
The criminal then launders these sales slips through a legitimately signed Visa merchant -- often located in a different country -- who deposits them at his bank.