What is money laundering?
In: Economics
It is a process where you take illegally gained money (like from a bank robbery or drug sales) and find a way to get it on the books legally.
one if the older ways to do it is this way: commision an artist to paint a painting. Then put the painting up for auction. Then a person (who you gave a bucket of money to for this purpose) buys the painting at auction for a million dollars. The buyer pays cash for the painting. They get the painting, you get a million dollars, legally and on the books. This used to be very popular with art Auctions because auction houses would take cash, no questions asked. The various governments have closed some of these loopholes.
yes there are variety of ways to do even more weird and complex ways to hide and wash the money. This is the entry level version.
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