The Biggest Money Laundering Scheme In History – Patrick McKenzie

[moncorp]

Cartels use all sorts of legitimate businesses in the US. Big ones are real estate and fast food franchises. They permeate society like folks don't believe.

[bdcochran]

Step by step:
1. You open an art gallery on Rodeo Drive, Beverly Hills.
2. You take a trip to Columbia. There you buy some touristy stone "art work" that costs $1000 a unit.
3. You import the "artwork" and declare that you paid $10000 a unit. Customs officials scratch their heads. But, they collect some customs duties.
4. You put each "artwork" on "sale" for $50, 000 a unit. You report the sales for income tax and sales tax purposes. Your local small time drug distributor pays in cash.
5. The valuable "artwork" is then sold through a higher class gallery to a collector for $2
200, 000. Every thing is legal and you have laundered your drug proceeds.

[amanberhane]

If you haven’t done it I don’t want to hear hypotheticals! Bring on the madoffs of the world.

[carlosalvarez]

Nicely explained. Could you make an analysis on what is happening in Venezuela, and potential solutions?

[raoultesla]

wait wait wait, my whole economy is a ponzie launder? got it. cheers the enlightenment.

[Memeslauncherfun]

I see a flaw in his example. How could you transfer that much money to purchase the property in the first place without racing any red flags?

[EricMcConnaughey]

I'm sorry, but this guy talks so frakking fast I can't follow anything he says.

[ar-oxq]

What does he say? "he doesnt say it in many words I will say it japanese bank"?

[rjpj]

By this logic, isn't CZ/Binance a much bigger money laundry?