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(n.) The process of hiding the source of illegal income by processing it through a large-turnover entity, who takes a premium from it, and then receiving the income from that entity to avoid suspicion. This [definition] has evolved to include any form of hiding income (or sources of income) in the interests of avoiding tax, although the problem posed by non-specific 'cover-all' statements means that it is open to loopholes because of the vast grey areas. Money laundering has been practised for over 6000 years, but the term itself comes from the [prohibition] era of [american history].
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