Reported by Gavin Newsham

In “Rinsed: From Cartels to Crypto: How the Tech Industry Washes Money for the World’s Deadliest Crooks” (Penguin Business), Geoff White asks: what would you do with sudden wealth if it came from a source you couldn’t admit to. “You’re faced with an excruciating dilemma,” he writes. “How do you enjoy your huge amounts of cash, but hide its origins?”

The answer is money laundering and in “Rinsed,” White reveals how the symbiotic relationship between technology and laundering keeps criminals one step ahead of capture. “Technologists have a conspicuous habit of creating innovations that inadvertently have precisely the kind of attributes money launderers crave,” writes White. 

“To launder money is to change its history,” explains White.

Technology has “put rocket boosters” under money launderers. 

Citing scores of examples, from Nigeria’s ‘Yahoo Boys’ (so-called for using the company’s free email accounts) to the digital platform Hydra (the dark web “eBay or Amazon”), the explosion in cybercrime makes moving money easier.

Read full report: https://nypost.com/2024/08/10/lifestyle/inside-the-crazy-world-of-drug-money-laundering/