n. funny business; deceitfulness. : There's some hanky-panky going on in the treasurer's office.
n. sexual play; sexual misconduct. (See also mifky-pifky (in the bushes).) : There's some hanky-panky going on in the storeroom.
Dictionary of American Slang and Colloquial Expressions by Richard A. Spears.Fourth Edition. Copyright 2007. Published by McGraw Hill.
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Word Origin & History
hanky-panky
1841, "trickery," Brit. slang, possibly a variant of hoky-poky "deception, fraud," altered from hocus-pocus.
[hang-kee-pang-kee] 
