May 22, 2018
Money Laundering - Episode 34
Today you’re going to learn about Money Laundering and it’s
origins. You’ll learn about the process of laundering money, how
casinos are a safe haven for the rich and why Trump might be an
expert at laundering money.
- [07:40] – In 1970 Nixon signed into law the “Bank Secrecy Act”
which was used to protect against money laundering. It required
financial institutions to keep records of cash in any amount over
- [10:10] – There are 3 steps to money laundering. The first step
is putting the cash into the financial system. The second is
camouflaging that money and the third stage is acquiring wealth by
selling the asset.
- [18:53] – Casino players buy chips without any paper work and
then launder the money as casino winnings.
- [20:30] – The Panama Papers was a massive document leak that
exposed tax evasion on a global scale.
- [25:50] – A junket is an agent who will give you casino chips
for your cash, for a 20% fee.
- [30:00] – A smurf avoids the government by breaking up a
transaction involving a large amount of cash into smaller
transactions below the reporting threshold.
The Takeaway – The penalty for money laundering
is often just a fee, which is significantly smaller then the amount
of money laundered. The US seems to turn a blind eye to money
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