Money laundering by criminals and politicians
It refers to the transfer of money earned through clandestine means to or from a foreign land without paying the applicable tax. The act of converting illicit monetary assets into legitimate possessions can also be defined as money laundering. It is considered a crime in domestic law all over the world. Additionally, it is considered a thought crime. It is the process of disguising financial transactions and funds used by terrorists or criminals for illicit purposes.
Several types of financial and commercial activities can be used to launder money, including digital money transfers, cash transactions, credit card payments, offshore property development, and wire transfers.
Consequently, (A.M.L.) international financial and legal authorities have described money laundering as an il...
