money laundering

Money laundering is sleight of hand… a magic trick for wealth creation… the lifeblood of drug dealers, fraudsters, smugglers, arms dealers, terrorists, extortionists and tax-evaders. It is also the world’s third largest business. Though a relatively new and in vogue subject, it [money laundering] has in fact been around for centuries. Criminals throughout history have had to hide the source of newly acquired wealth in order to escape prosecution for the predicate crime. However, the scale of the problem has escalated out of all proportion. Former US Secretary of State George Shultz summed it up when he stated:


"Today’s criminals make the Capone crowd and the old Mafia look like small time crooks".