19:12
My crypto also flows in 5 day epochs too.
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Simple English definitions for legal terms
laundering
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A quick definition of laundering:
Definition: Laundering is when someone takes money that they got illegally and tries to make it look like it came from a legal source. This is called money-laundering and it is against the law. People who do this can be punished by the government. Sometimes, this kind of crime happens in different countries, so the police from different countries have to work together to stop it.
A more thorough explanation:
Laundering is the act of transferring illegally obtained money through legitimate people or accounts so that its original source cannot be traced. This is also known as money-laundering, which is a federal crime. It is also addressed by state governments, and sometimes requires international cooperation.
Example 1: A drug dealer wants to hide the money he made from selling drugs. He gives the money to a friend who owns a legitimate business, and the friend deposits the money into his business account. This is an example of money-laundering.
Example 2: A corrupt politician receives bribes from a company. Instead of keeping the money in his personal account, he transfers it to a shell company in another country. The shell company then sends the money back to the politician in a way that makes it look like it came from a legitimate source. This is also an example of money-laundering.
These examples illustrate how money-laundering works. Criminals try to hide their illegal activities by making the money look like it came from a legitimate source. This makes it harder for law enforcement to trace the money back to its original source.