quote:
Explain to me how this works, in your opinion? If I have 42 million dollars of drug money and I spend it on a painting, that's not laundering it, that's spending it.

You took money earned through illicit means, then purchased a "clean" asset worth the same $ amount. Sell that asset for the same or more amount of money, and suddenly you possess $42M that has a paper trail of where it came, an art sale. Do this enough times or through enough intermediaries and it gets very hard to track the original source of the cash.

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Posted by Chucktown_Badger

The banks of the Ashley River

Member since May 2013

31368 posts

Posted on 10/25/23 at 10:03 am to AUin02

quote:
You took money earned through illicit means, then purchased a "clean" asset worth the same $ amount. Sell that asset for the same or more amount of money, and suddenly you possess $42M that has a paper trail of where it came, an art sale. Do this enough times or through enough intermediaries and it gets very hard to track the original source of the cash.

Makes sense. I saw the freeports thing as well.

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Posted by FearTheFish

Member since Dec 2007

3777 posts

Posted on 10/25/23 at 10:40 am to AUin02

quote:
Sell that asset for the same or more amount of money,

With art, therein lies the problem

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Posted by EmmittLBrown

Member since Oct 2023

275 posts

Posted on 10/25/23 at 10:47 am to AUin02

quote:
You took money earned through illicit means, then purchased a "clean" asset worth the same $ amount

So nobody bats an eye at a cash sale of 42 mil?

I understand how laundering works through car washes, mattresses, and other relatively small purchases. But ones this big information sure do not get.

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