I wrote an article, Hiding Ill-gotten Wealth, in my Writings 12 Book, a collection of various articles by others & myself, available at amazon.com book section. I failed to include Money Laundering as a sub-topic, which is an intriguing subject.
I could not imagine how money laundering is achieved when it’s almost impossible to trust your loot or stolen money to other people or entities. Say, I am congressman in the Philippines. Say, I looted P10 Million from my pork-barrel funds. I can’t deposit that money in my name in a legitimate bank account as it will be too conspicuous. I can’t ask my wife, my children and in-laws to deposit that money in their names for the same reason. I can’t bring that money abroad as hand-carry item due to violations of Philippine and American laws about carrying large amount of money. I can’t remit via bank to bank transactions as I can’t trust chosen recipients abroad. Methods of cleaning that money via money-laundering are described in the internet. Still the main component is TRUST. To whom will I trust that loot, as I need trusted accomplices for such crimes. I can’t just establish dummy companies abroad, without the help of trusted accomplices abroad. I can’t deposit that money in the Bahamas, Cayman Islands, Switss accounts, or other European banks, as I would need trusted people in those places. In the end, I will eventually lose that loot to others or to the government, or even go to prison.