Definition of Money Laundering

The Wikipedia defines "money laundering" as "the practice of engaging in specific financial transactions in order to conceal the identity, source and/or destination of money." The Wikipedia entry further notes that, in the past, the term "money laundering" was applied only to financial transactions related to organized crime, but today its definition is often expanded by government regulators to encompass any financial transaction which generates an asset or a value as the result of an illegal act.

Read the full Wikipedia entry here.