Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. “First, the illegitimate funds are furtively introduced into the legitimate financial system. The process typically involves three steps, it says.

The US Treasury Financial Crimes Enforcement Network defines money laundering as: “a process by which criminals seek to disguise the true source of their illegally obtained funds or proceeds of crime.” Other countries have used the phrase in their legislation. The British government has issued more than 30 money laundering regulations since 1993. US President Ronald Reagan signed the Money Laundering Control Act in 1986 as part of his administration’s efforts to curb the illegal trade in narcotics. Money laundering might sound idiomatic but, as the former heads of FTX, Sam Bankman-Fried, and of Binance, Changpeng Zhao, found to their detriment, it has a precise legal meaning. But what does the expression mean, and where does it come from? Two of the biggest names in crypto face prison terms for money-laundering offences.

Robert Holloway is a columnist and ombudsman at DL News.

The origin of the phrase goes back centuries.

'Money laundering' might sound idiomatic but it has a precise legal meaning.

Both the SBF and CZ criminal cases involved money laundering charges.

Essay on gambling should be banned