Tuesday, May 25, 2010

What does "money laundering" mean??


Answers:
From Wikipedia, the free encyclopedia

Money laundering, the metaphorical "cleaning of money" with regard to appearances in law, is the practice of engaging in specific financial transactions in order to conceal the identity, source, and/or destination of money, and is a main operation of underground economy.

In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government regulators (such as the United States Office of the Comptroller of the Currency) to encompass any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting. As a result, the illegal activity of money laundering is now recognized as potentially practiced by individuals, small and large businesses, corrupt officials, members of organized crime (such as drug dealers or the Mafia) or of cults, and even corrupt states, through a complex network of shell companies and trusts based in offshore tax havens.
Money laundering is where you take money made illegally (via selling drugs or some other kind of scheme) and you funnel it through a legal business. You can do this funneling either as reporting it as normal business income or using it to pay for things for the business (like machines or travel).
so there's this thing called GOOGLE!
or Dictionary.com
lol i'm just kidding i don't know either

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