Money laundering is the act of committing criminal property with the aim of misleading third parties as to the origin of the property. To give the impression of the legal origin of the funds, the financial system is used in seemingly mundane transactions. According to the Law on the Prevention of Money Laundering and the Financing of Terrorism and Proliferation, money laundering is:
Conversion of proceeds of crime, relocation or ownership, knowing that the proceeds of crime have been obtained and where such acts have been committed with the intent to conceal or disguise the criminal origin of the proceeds or to assist another person involved in the commission of the offense to avoid legal liability.
Hiding or disguising the true nature, source, location, disposition, movement, and possession of proceeds of crime, knowing that such proceeds have been obtained.
Acquisition, possession or use of the proceeds of crime of another person, knowing that the proceeds have been obtained.