CAT / FIA FBT Syllabus C. Accounting And Reporting Systems, Controls - Money Laundering - Notes ^{4 / 6}

is the practice of covering the origins of illegally-obtained money.

Ultimately, it is the process by which the proceeds of crime are made to appear legitimate.
Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds.
It seems to be a worldwide problem.
Criminals want their illegal funds laundered because they can then move their money through society freely, without fear that the funds will be traced to their criminal deeds.
In addition, laundering prevents the funds from being confiscated by the police.