 Greetings Everyday Spy, Ever wonder why money laundering is so common but also so hard to stop?
A big part of the challenge is in the way the world views money.
Consider 'black' money - the money earned through illicit activities.
Because countries have different laws defining illegal and legal activity, industries illegal in one country are fully legal in another. For example, gambling is illegal in the UAE, Cambodia, and Singapore but fully legal in neighboring countries like China, Thailand, and Turkey.
If you are a Cambodian gambling in China and you win, those earnings are legal (aka: 'green') in China but 'black' according to your home government.
Innocent mistake, right? So our Cambodian national takes the winnings home anyway and doesn't tell anyone. Now what color is the money…?
The answer is 'gray' - money that is not fully illegal but also has not benefited the host country government (via tax, investment, etc.).
In the US, your bank accounts must be registered to your true name, social security number, and national ID.
US law requires banks to share your financial information between each other and to the IRS, so that you can be fully taxed and audited for all income earned. The result of having a US bank account is that all your money stays 'green' - legal in the eyes of the government.
But if you open an offshore account in a place like Hong Kong, Monaco, or the Cayman Islands, you can hide your US identity and avoid US taxes to protect your money from US laws… turning that money 'gray.'
The money was still lawfully earned, but now it is not being lawfully taxed. Even more incredible, the interest it earns in a hidden account can be considered 'black.'
So how much money in the world is 'black'…?
'Black' money is estimated to equal 7%-13% of every country's GDP - including the US, UK, and even Canada.
'Gray' money is nearly double that, including money that is hidden in offshore accounts, priceless artifacts, collectibles, and even famous museum exhibits.
Money is all around you, and there is incredible demand for transferring that money out of 'black' and 'gray' markets to wash it 'green.'
And so money laundering finds new, innovative ways to wash money through small restaurants, digital exchanges, blockchain, hawala, and even by simply carrying it across a border.
There will always be bad guys… you can't stop that.
But you can learn how bad guys work and use that knowledge against them to keep yourself, your family, and your future safe. Godspeed, #EverydaySpy P.S. - Learn how to protect yourself, your family, and your future using the same skills elite covert operators use in their everyday life. ACT NOW to save 50% on Shadow Lessons! Follow @EverydaySpy on Social Media!
Andrew Bustamante, Founder of EverydaySpy.com, is a former covert CIA Intelligence officer, decorated US Air Force Combat Veteran, and respected Fortune 500 senior advisor. Learn more from Andrew on his Podcast (The Everyday Espionage Podcast) and by following @EverydaySpy on your favorite social media platform. |
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