How does money laundering work? - Delena D. Spann

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Virtual currencies, offshore banking, the darknet, and global markets have made money laundering more complex and internationally scalable.
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Al Capone’s empire generated nearly $100 million annually, about $1.4 billion today, yet prosecutors convicted him only for tax evasion.
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The United States made money laundering a federal crime in 1986, enabling confiscation based on concealment without first proving another crime.
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Casinos facilitate layering through rapid international transfers and rigged games that obscure the origins of large balances.
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Criminals disguise illicit proceeds as business revenue with fake invoices or as compensation from a bogus charity they control.
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Money laundering usually has three phases: placement enters illicit funds, layering obscures origins, and integration returns cleaned money to the legal economy.
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Money laundering implicates major financial institutions and government officials, reaching far beyond individual criminals.
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Anti-laundering powers strengthened prosecutions of major criminal operations while raising concerns about privacy and government surveillance.
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Long before modern finance, merchants hid wealth from tax collectors and pirates sold stolen bounty without attracting attention.

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