someone who is part of an organization involved in getting money illegally:
• a convicted racketeer
— racketeering noun [uncountable] :
• He has admitted fraud and racketeering.
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racketeering UK US /ˌrækəˈtɪərɪŋ/ noun [U]
► the practice of making money from organized illegal activities: »
In June, the government indicted him on 16 counts of racketeering, bribery, fraud and obstruction of justice.
»They took part in racketeering activity which included money laundering, wire fraud, and mail fraud.
Financial and business terms. 2012.