The Blog

Dirty Laundry

In Connecting the Dots on Monday, 28 April 2008 at 11:52

Money laundering alone may not grab headlines, but it’s playing an increasingly high profile role in all sorts of international criminal activity. A cocaine boom in Europe has fueled an increase in euro laundering — so much so that Jay-Z recently featured euros in a video, rather than greenbacks — while the rise of Macau as Asia’s Las Vegas has made it the go-to destination for money laundering in the Pacific Rim. Disgraced New York Governor Eliot Spitzer was caught paying for sex thanks to money laundering, and he could end up being charged because of his illegal wire transfers, rather than cavorting with a hooker. In fact, as the definition of laundering expands — and transfers of more than $3,000 must be reported — criminals are looking to new ways of moving large amounts of currency, including new forms of digital money (a favorite of child pornographers, Forbes reports), pre-paid credit cards, and good, old-fashioned cash.

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