Oh My Fraud
Steal. Wash. Repeat. | A History of Money Laundering
Jan 17, 2024
Explore the history of money laundering from ancient China to Prohibition to the Watergate scandal. Learn about Al Capone's role, long-standing businesses defying logic, the possibility of A1 Vacuum and Sewing being a front for the Mormon mafia. Discover the connection between money laundering and Watergate, as well as steps and tips for prevention.
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Quick takeaways
- Money laundering has been around for centuries, with Al Capone and the era of prohibition playing a significant role in its development, highlighting the importance of paying taxes on dirty money to make it appear clean.
- Money laundering laws were introduced in response to the need to combat organized crime and the illegal activities it funds, with the Bank Secrecy Act in 1970 and subsequent legislation strengthening regulations, aiming to prevent banks from facilitating money laundering and requiring individuals to disclose suspicious activities and foreign accounts.
Deep dives
The Origin of Money Laundering: From Al Capone to Prohibition
Money laundering has been around for centuries, with Al Capone and the era of prohibition playing a significant role in its development. Al Capone's failure to launder his money through tax evasion contributed to the modern understanding of the term. The importance of paying taxes on dirty money to make it appear clean is highlighted. The podcast also discusses the interesting phenomenon of businesses that seem to survive despite appearing outdated or lacking customers, using examples like a costume shop and a vacuum and sewing shop.
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