Define 'forfeiture' in relation to money laundering.

Forfeiture, in relation to money laundering, specifically refers to the legal process by which assets that are connected to criminal activity are seized by the government. This is an important mechanism utilized to combat money laundering and other financial crimes. When assets are tied to illicit activities, such as drug trafficking, fraud, or organized crime, law enforcement has the ability to confiscate these assets to prevent them from being used further in ongoing criminal enterprises and to disrupt the financial benefits derived from such activities.

This process serves not only as a deterrent to criminals but also as a way to ensure that proceeds from illegal actions do not permeate legitimate businesses and the economy. Forfeiture is a key tool for regulatory agencies and law enforcement in their efforts to maintain the integrity of financial systems and mitigate the impacts of financial crime.