Money laundering is a series of financial transactions that are intended to transform ill-gotten gains into legitimate money or other assets.
It may seem suspicious if you start depositing large sums of cash directly into a bank or other financial institution. The money’s owner needs to create financial records showing where the money came from, this is done by simply running it through a number of legitimate businesses before depositing it, hence the term “money laundering.” Because the act is specifically used to hide illegally obtained money, it too is unlawful.
Over $300 billion is laundered each year in the United States alone. According to a 2009 study published by the United States Sentencing Commission, more than 81,000 people are convicted of money laundering on some level each year in the United States.
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