Money Launderers. Dirty Money and White-Collar Crim

Money laundering accounts for 3% of global GDP ($3,000 billion). If it were a country, it would be the world's 8th largest, equivalent to the UK's GDP. The aim of this essay is to describe the mechanisms by which money is laundered, in particular the two main “schools” of fraud: financial flows and capital ownership. It also explores the demonetization of fraud, via the art market, real estate in London and the Alps, and the luxury watch market, which illustrate both the agility of fraudsters and the systematic lag of the authorities in the fight against fraud.The author also aims to establish the link between fraud, money laundering and the despoiling of populations. And between money laundering and the financing of terrorism. He points to the irresponsibility of politicians and financial institutions, who, through blindness or amorality, allow this white-collar fraud to flourish. Every year, financial entities prefer to pay out over 10 billion dollars rather than control the phenomenon. Faced with the internationalization of fraud, which amplifies the distortion between supposedly friendly states and the impunity of criminals, it is vital to strengthen international cooperation between authorities if money laundering is to be curbed.