Money laundering is a financial crime that relies on stealth and flying under the radar. Understandably, detection poses a significant challenge in this field.
Historians think that the term money laundering originated from the Italian mafia, specifically by Al Capone. During the 1920s and 30s, Capone and his associates would buy laundromats (where ‘laundering’ comes from) to mask profits made from illegal activities such as prostitution and selling bootlegged liquor.
Countries worldwide have drafted and implemented regulations pertaining to money laundering, and global organizations like the United Nations Office on Drugs and Crime (UNODC) and the Financial Action Task Force (FATF) oversee the operations of the entire global finance industry.
Yet money laundering remains a threat and a phenomenon that is hard to track. Despite its incognito nature, there are some statistical insights available on this global crime that costs the world around USD 2 trillion every year.
50 Global Money Laundering Statistics 2020 Infographic
