60. Money Laundering | The Economics of Everyday Things
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- เผยแพร่เมื่อ 15 ก.ย. 2024
- How do criminals turn their ill-gotten gains into taxable income? And how does law enforcement stop them? Zachary Crockett follows the money.
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I had a good laugh after hearing the initial comment by Kerry Myers.
Not a single banker involved in laundering large amounts of money has been arrested, let alone put into jail. Banks profit from this and occasional fine is just the cost of doing business.
There is a reason the “London Laundromat” nickname has been coined. Bankers operating from London enjoy immunity from financial crimes. They would not risk running this business from NY, Frankfurt or Paris. Singapore is also a good place for laundering money, but not too many bankers want to relocate there.
In addition to friendly bankers, The City employs over 300,000 accountants, many of them are world’s top experts at hiding their client’s money offshore. Drug lords, oligarchs, dictators, illegal arms dealers - they all get top notch service.
Federal agents chase the small guys while serious money flows through the banking system uninterrupted.
"Banks are heavily regulated" 😂😂😂 only insofar as it applies to their customers apparently
When i see "money laundering" i think of "Office Space." 😅😅😅
If you haven't read the book Freakonomics, read it. If you like this you'll be astonished by the book too.
Payday loans companies look like an opportunity to turn inconvenient amounts of cash into a collection of perfectly legitimate cheques. Ensuring repayment is probably easier if you have anti-social acquaintances.
@@parrotraiser6541 when you count the money by weight you need industrial-grade washing machine. You need a bank to was that much cash.
And it is not difficult to find a few that would cooperate (for more than a small fee, if course…)
That Breaking Bad intro pulled my attention heavy hahahah makes me want to rewatch the whole thing
In the U.S. places that serve alcohol are not required to ban all minors. My dad used to take me bars when I was a kid so the alcoholics working with us could drink. No one ever blinked. When I was in college, there were restaurants that served alcohol same practice. But bars that attracted college kids? Scrutinized everyone who came in the door, demanded to see ID or no entry. It's the same for banks. The law says they cannot aid in the laundering of money, so scrutinizing all customer records (probably already in that 'agreement' every customer has to sign to open an account) is the same thing.
A college bar that didn't check IDs? Going to get a lot of attention from the police. Same for banks. Banks and institutions in the City of London have always facilitated the laundering of money. Many of the world's tax havens and money laundering locations are part of the Commonwealth. The UK claims it has no jurisdiction over these places, but it was once pointed out that if the UK didn't like something, it would tell the entity and they would comply. So the UK is complicit.
What might make an interesting pod cast would be how to spot these crimes, who to tell, how to remain safe, and what kind of rewards are there?
Any establishment that serves alcohol , beer, wine is allowed to let minors in as long as they have a kitchen that sells food. The minor is not legally allowed to sit at the bar but they can sit at a booth or table. But when the kitchen stops selling food no more minors allowed in the establishment
Go to Vegas, exchange cash for chips then exchange chips for a check.
I utterly ADORE this podcast. After ever episode I feel like saying out loud, “that was so good!”
I feel like my brothers must be getting sick of me saying “I was listening to TheugonomigsOvovryDay Things and…” (it’s hard to say in a casual sentence)
Pay tax on...there is a line on a tax form that allows you to pay tax on illegal monies... IRS does not care
Tell the people what line it is
Just because they have a way to report your ill-gotten gains doesn't mean you won't get in trouble.
Lol
Amazing reporting, please keep it up!
Absolutely an effective strategy if you wanted to stay in business as a criminal, back when cash was a thing. You want to have many streams of illicit income. Almost certain my family's business was a front for something else. Nobody went to jail, they were quite skilled at this.
Money laundering is an everyday thing in the US 😂
Arbiter of truth?! Insane
What is the impact of Crypto? I can only imagine that a large part of the value of these currencies is based on the fact that they are basically enabling an enormous unregulated and nearly untraceable way to move illegal money around the world. Am I mistaken?
Yes you are. Blockchain is very easy to trace.
Anyone - literally anyone with the knowledge of how - can trace any cryptocurrency from wallet to wallet as the whole blockchain is publicly available. The trick is proving someone is in control of a particular wallet as anyone can create one on their own.
@@timduncan6750 Right, there is no regulation for tracking who actually controls a "wallet," right? It could be done under an LLC. This is similar to why real estate is a popular money-laundering tool. One can purchase a condo in Miami under four levels of nearly untraceable LLCs. This partly explains why there are so many luxury condos sold in large coastal cities in the U.S. and Canada that are sitting vacant. Sure, you buy a condo for cash in Vancouver for $4 million. Even if it loses 20% of its value it's still cheaper than letting the Chinese government take their share, no?
Interesting about SARs etc. being more of a resource than a trigger for an investigation. I'd always thought of them as being the thing which kicked things off. Maybe a bit of both?
Sound to me like they dont really care about money laundering as a principle but rather the low hanging fruit i.e. Civilians who cant afford expensive lawyers and tax havens.
Sure, why not, the USA has abandoned the bill of rights anyway.
Our country has grown from illegal money. Corporations, politicians & law enforcement.
Most wars are money laundering.etcetc etc
Can you teach us the benefits of honey laundering from those bees
Why not ban cash and bring online transaction only. So movement of money is always recorded. I think no govt wants to do that for they want illegal money
It's not going to matter. The banks and the politicians will find a way for organize crime like they have always. Investigators know the players. If the people that live in the communities know who's bringing in the drugs and where it's being sold in the streets how the hell is the lame ass law enforcement don't know.
Then access to your wealth would be controlled potentially by a political zealot.
Lately they all seem to want that. China hasn’t banned cash, but they’ve discouraged it to the point where most transactions are on Weixin or Alipay
Would you want to be able to buy a used car from your brother in law or a neighbor or some tools or a TV and just pay cash and not have to report it to the government and pay a tax? If there is no cash we lose another one of our freedoms.
What about that money you got in a birthday card from your grandmother?
@pveerendar exactly governments are so deep in money laundering and drugs and hiding money for the wealthy it doesn't want to track money.