The Economics of Everyday Things 60. Money Laundering
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Aug 19, 2024 
Patrick McKenzie, a fraud prevention expert, shares insights on modern money laundering techniques, highlighting the creative ways criminals disguise illegal funds. Kerry Myers, an associate professor and former FBI special agent, discusses the evolution of money laundering from Prohibition-era tactics to today’s complex schemes. They delve into law enforcement's challenges in tracing illicit activities and the unintentional role of everyday businesses in facilitating these crimes. The blend of history and real-world examples makes for a compelling discussion.
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Nail Salon Laundering
- Saul Goodman explains to Jesse Pinkman how a nail salon can be used to launder money.
- This involves integrating drug money into the salon's cash flow, making it appear as legitimate income.
Money Laundering Basics
- Money laundering involves disguising illegal proceeds as legitimate income.
- Criminals face challenges in depositing large sums of cash due to bank regulations.
Expert Scarcity
- Most money laundering experts either work for the government or are imprisoned.
- Kerry Myers, an ex-FBI agent, offers a unique perspective from his 25 years of experience.