“Money laundering" originated with Al Capone
Evidence suggests that the practice preceded and the money laundering phrase post-dated Capone.
Money laundering is the modern terminology for an ancient practice.
“As old as any other illicit business”, according to an early edition of Salinger’s criminological encyclopedia, the art of cloaking criminal proceeds with the appearance of legitimacy is an important element of virtually all criminal activity for profit. It lets criminals buy assets with illicit gains and invest in unlawful endeavors.
But when did the “money laundering” phrase (really) appear?