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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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