Is money laundering the new capitalist industry?

[Baitball Blogger]

I'm sure it has been going on for sometime, but it seems to be everywhere these days.

[RKP5637]

1. IMO in disaster capitalism, anything goes. It's applauded if it makes money. n/t

[Zoonart]

2. I heard someone...

the other day state that money laundering represents 10% of the economy.

[cilla4progress]

3. I heard that too,

Zoonart.

I think people (myself included) need a clearly articulated concept of what money laundering is and why it's so bad.

Anyone want to give it a try?

[Baitball Blogger]

5. The obvious answer to me is that it legitimizes criminal money.

Mafia organizations, or other ill-gotten booty from other sources can't be used unless it gets funneled through legitimate sources.

Between watching the Trump investigation findings and watching Ozark on Netflix I'm getting a hell of an education.

[onecaliberal]

4. They avoid paying taxes.

The amount of money stashed via shell companies and offshore tax havens has been pegged as high as $21 trillion. In survey after survey, global banks create more tax havens than any other group.

The world’s elite and multinational companies can afford ingenious lawyers and accountants. They use them to avoid paying enormous amounts of taxes. Governments (made up of elites) then find other ways to draw in revenue to make up for the great elite tax dodge — like increasing national debt, or cutting funding for job-creating endeavors like building U.S. infrastructure or defense.

Worse than routine elite tax avoidance (legal) or evasion (illegal), criminal enterprises use ‘legitimate’ banks to move funds secretly. Tax havens provide secrecy. The offshore system ultimately provides an environment that facilitates corrupt practices and criminal activity at all levels.

[cilla4progress]

6. Also, insofar as this involves Russian

Oligarchs and dirty money: my understanding is it came from the “de-nationalization” of industries and revenue sources after the fall of the communist Soviet Union. That many former KGB including Putin simply cannibalized these assets and took them for themselves. I’m not even sure what all that entailed, or what type of government they claim to have now.