Turns out, it’s not that difficult

I frequently talk about money laundering and how financial services industries are required to guard against it, but I’m consistently asked by friends and colleagues, “just how easy is it to take questionable cash and turn it into legitimate funds?” Turns out, it’s not that difficult.

Despite the damage that the illegal flow of money inflicts on the global economy, it’s been occurring for thousands of years and people do it every day. It’s international in scope, with China holding the dubious honor of being at the head of the pack. Conservative estimates have China losing more than $1 trillion between 2002–2011, despite laws prohibiting foreign exchange. Other countries with significant problems include Russia, Mexico, Malaysia, India, Saudi Arabia and Brazil.

So how is it done? There are several ways a U.S. citizen with a little illegal money can launder it. . . Click here to read the rest of this story on Medium.com.