by Summary:
Foreign real estate is a favorite vehicle. You probably know that Al Capone was prosecuted on tax evasion, but did you know the details? Al Capone had a problem: he needed a way to disguise the enormous amounts of cash generated by his criminal empire as legitimate income. His solution was to buy all-cash laundromats, mix dirty money in with clean, and then claim that washing ordinary Americans’ shirts and socks, rather than gambling and bootlegging, was the source of his riches. Almost a century later, the basic concept of money laundering is the same, but its scale and complexity have grown considerably. Were Capone alive today, he would have to run his washers and dryers around the clock to keep pace with demand; the United Nations recently estimated that the criminal proceeds
Topics:
Mike Norman considers the following as important: corruption, money laundering
This could be interesting, too:
Foreign real estate is a favorite vehicle. You probably know that Al Capone was prosecuted on tax evasion, but did you know the details? Al Capone had a problem: he needed a way to disguise the enormous amounts of cash generated by his criminal empire as legitimate income. His solution was to buy all-cash laundromats, mix dirty money in with clean, and then claim that washing ordinary Americans’ shirts and socks, rather than gambling and bootlegging, was the source of his riches. Almost a century later, the basic concept of money laundering is the same, but its scale and complexity have grown considerably. Were Capone alive today, he would have to run his washers and dryers around the clock to keep pace with demand; the United Nations recently estimated that the criminal proceeds
Topics:
Mike Norman considers the following as important: corruption, money laundering
This could be interesting, too:
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Foreign real estate is a favorite vehicle.
You probably know that Al Capone was prosecuted on tax evasion, but did you know the details?
Al Capone had a problem: he needed a way to disguise the enormous amounts of cash generated by his criminal empire as legitimate income. His solution was to buy all-cash laundromats, mix dirty money in with clean, and then claim that washing ordinary Americans’ shirts and socks, rather than gambling and bootlegging, was the source of his riches.
Almost a century later, the basic concept of money laundering is the same, but its scale and complexity have grown considerably. Were Capone alive today, he would have to run his washers and dryers around the clock to keep pace with demand; the United Nations recently estimated that the criminal proceeds laundered annually amount to between 2 and 5 percent of global GDP, or $1.6 to $4 trillion a year....IMF
Cleaning Up — Countries are advancing efforts to stop criminals from laundering their trillions
Rhoda Weeks-Brown | general counsel and director of the Legal Department of the IMF