60. Money Laundering
Topics discussed
Sponsors: Pacific Life and Northwell Health
Introduction: Money laundering and the Breaking Bad example
Defining money laundering and expert Cary Myers
The three stages: Placement, Layering, and Integration
Traditional methods: Cash businesses and front companies
Modern methods: Real estate, trade-based laundering, and Magic cards
Using shell corporations to obscure ownership
Sponsors: ADHD treatment and Mint Mobile
History: Al Capone and the origins of anti-money laundering laws
How laws help investigators cut off criminal enterprises
Bank reporting: CTRs, SARs, and structuring
FinCEN database and building network graphs
Penalties for individuals and banks (Wachovia, HSBC)
Debate: Privacy vs. enforcement and optimal fraud levels
Credits and sponsors: Bank of America, Dell, and Opel
Listen ad-free on Castria