Why would someone literally wash money?
Money laundering is a process that criminals use in an attempt to hide the illegal source of their income. By passing money through complex transfers and transactions, or through a series of businesses, the money is “cleaned” of its illegitimate origin and made to appear as legitimate business profits.
What does it mean washing your money?
Money laundering defined as the method in which illegally obtained money is altered to make the translation look legitimate. What constitutes money laundering? Money laundering occurs when the location, source, ownership, or control of funds are falsified.
How do drug dealers launder money?
The simplest trade-based method is to convert money into a commodity. Drug traffickers do this by buying such easily sold items as clothes or electronics from a legitimate company in the U.S., and then selling the items on the other side of the border for pesos.