Money Laundering
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In its simplest definition, black money is material income obtained illegally through criminal activity. Although the term “black money” includes the word “money,” any type of material asset, such as gold, precious stones, real estate, and automobiles, can fall under the scope of black money. Money laundering, on the other hand, is the process of injecting illegally obtained black money into the economic system through the purchase of goods or services and integrating it into legal money flows. Abroad, the terms “dirty money” and “money laundering” are used instead of “black money.” However, in Turkey, the legal terms “criminal proceeds” and “laundering of criminal proceeds” are more frequently used instead of “black money.”
In the Turkish legal system, instead of the terms “black money” and “laundering,” the phrase “laundering of assets derived from crime” is used, employing a more technical expression and broadening the scope of black money to include concepts such as cash, gold, real estate, crypto assets, and stocks as assets.
- What is Black Money?
Money laundering is money obtained from criminal activities, but it also includes all kinds of material income other than money. The commonly used term for income obtained from these criminal activities is “black money.” The distinguishing factor here is not the amount, size, or intended use of the money, but rather the fact that it was obtained illegally. We would also like to address a common misconception: money classified as “black money” is not counterfeit; physically, it is real money, but as explained above, the way it was obtained is illegal. - What is Money Laundering?
Money laundering is the process of concealing the source of illegally obtained money or other assets through a series of transactions, making this illegal income appear as if it were obtained legally.
