2006-08-03 01:52:29 · 5 answers · asked by adlex 2 in Business & Finance ➔ Other - Business & Finance
Money laundering is putting illegally obtained money through a legitimate system. For instance money obtained from drug dealing put through a casino would be money laundering. It is a SERIOUS CRIME!
2006-08-03 02:00:00 · answer #1 · answered by survivor 5 · 4⤊ 1⤋
Money laundering is taking illegal money and washing it through legit companies so it comes out as income and then can can be declared cleaned . Yes it is illegal and is a federal offense and is punishable by prison up to 10 years and if the government charges you inder RICO statutes you can end up with a life sentence in jail .
2006-08-03 08:25:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It's a term used by crooks to generate usable, or spendable money from the money they stole. Most crooks use whats called a "fence" to help them achieve this. The fence, trades, let's say like, 60% of good spendable money, for 100% of the stolen money. The percentage varies, but you get the idea. And no, it's not legal...hope that helped...
2006-08-03 01:55:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Ha, ha, sounds like you put your money in for a good wash - water, detergent, suds and all, hee, hee ....
Money LAUNDERING means practice to conceal money gain from illegal transactions. Therefore it is illegal; a scam.
2006-08-03 01:59:45 · answer #4 · answered by joeblog 4 · 0⤊ 0⤋
it means turning black money- to- white money.
it also means passing dirty money through clean places in order to disguise where it came from.
biz like construction where cost cannot be identified , is an example of money laundering.
take care.
2006-08-03 02:00:35 · answer #5 · answered by mango123 2 · 0⤊ 0⤋