The principal federal money laundering statute, 18 U.S.C. 1956(a)(1), makes it a
crime to engage in a financial transaction using the "proceeds" of certain specified
unlawful activities with the intent to promote those activities or to conceal the
proceeds. The question presented is whether "proceeds" means the gross receipts
from the unlawful activities or only the profits, i.e., gross receipts less expenses.