“Cleaning money” is a popular street slang, mostly common among people doing shady business. What does it mean to clean money?
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“Cleaning money” is a popular street slang, mostly common among people doing shady business. What does it mean to clean money?
It’s basically giving illegal money a legal source. You take dirty money and move it through a majority cash based company, or a company that inflates cost vs profit. You take a loss of a certain amount to run the business everyone in gets a cut, and the suppliers get a stream of cash from a company that can be deposited into the banking system as clean money. It can then be moved via banks and is legitimate and you can then purchase large scale items such as property, vehicles and others.
If you get a lot of money from illicit activities, like robbery or selling drugs, then you have to make it look like you got it from legal business activities that would serve as a cover ad won’t implicate you. If you don’t, and say you go put it in the bank, the bank and government will wonder where the hell you got such large sum from. If I somehow have millions of extra dollars, it will look fishy and people will wonder where it came from and then will investigate. So, that’s where money cleaning comes in.