The song is part of Oliver! and is sung in Fagin's lair. The scene is based on the section of Dickens's book where Fagin (played by Ron Moody in the film) teaches Oliver Twist and the rest of the boys how to pick the pockets of gentlemen so as to be able to steal their handkerchiefs, etc., without being detected. It is the first song in Act I Scene vi.
Fagin and the kids loosely dangle various 'hankies' from their pockets while dancing around the room and doing gymnastics to show Oliver how easy it is to steal one without it being noticed.
Although less pronounced than "Reviewing the Situation", this song has a Jewish melody.