1. Sexual activity, especially when considered inappropriate or done in secret. It's an open secret in the office that a lot of hanky-panky goes on in the storage facility.
2. Devious, deceitful, or suspicious activity. Regulators suspected some hanky-panky going on between the governor's office and the retail developers.
hanky-panky
(ˈhæŋkiˈpæŋki)
1. n. funny business; deceitfulness. There’s some hanky-panky going on in the treasurer’s office.
2. n. sexual play; sexual misconduct. (see also mifky-pifky (in the bushes).) There’s some hanky-panky going on in the storeroom.