What is money laundering?

Money laundering is a form of white collar crime that is illegal in South Dakota and all other states. It involves hiding illegally gained money so that it appears to have come from a legitimate source. This is done in order to conceal the true origin of the money, allowing criminals to evade detection and prosecution. Money laundering is often associated with organized crime and drug trafficking. The money can be moved from one account to another, or it can be exchanged for goods and services. Money can also be used to purchase businesses and real estate, or to fund legitimate investments. Money laundering is a complicated process, and criminals often use offshore banking and shell companies to make tracing the money more difficult. While laws have been put in place to identify and investigate money laundering activities, they are often difficult to enforce. Financial institutions are required to report suspicious activities to the authorities, but criminals are constantly finding new ways to conceal their money.

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What is money laundering?

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