You have cash (like a ton of cash in bank notes). The cash has unsavory origins. You go to a shady local dealer who will take your cash and give you crypto in a

You have cash (like a ton of cash in bank notes). The cash has unsavory origins. You go to a shady local dealer who will take your cash and give you crypto in an offshore exchange. That is cross border money laundering. You then use that crypto to buy property or NFT "art". Some months later you sell the asset, either for money in bank or crypto which you convert to money on a KYC exchange like Coinbase. Voila, you have washed your dirty money into perfectly clean money in bank. Best, you do it in a jurisdiction which doesn't have personal income tax. Like Dubai.