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Definition of 'Racketeering'
Racketeering refers to criminal activity that is performed to benefit an organization such as a crime syndicate. Examples of racketeering activity include extortion, money laundering, loan sharking, obstruction of justice and bribery. The Racketeer Influenced and Corrupt Organizations (RICO) Act became U.S. law in 1970, permitting law enforcement to charge individuals or groups with racketeering.
Read more: http://www.investopedia.com/terms/r/racketeering.asp#ixzz2GBjx7Hti
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