How Al Capone Gave Us the Term ‘Money Laundering’
What does money laundering have to do with cleaning your dirty clothes? More than you may think, according to TED-Ed. When looking for places to funnel his unlawfully obtained money, American gangster Al Capone gravitated toward laundromats. Cash flowing into the businesses was hard for law enforcement to keep track of, meaning large amounts of money could slip through the system unnoticed.
Today, money laundering is defined as "any process that 'cleans' illegally obtained funds of their 'dirty' criminal origins, allowing them to be used within the legal economy." Capone’s attachment to laundromats may have given us the phrasing, but the practice was going on long before the 20th century. To learn more about the history of money laundering and how exactly it works, check out the video below.
[h/t Boing Boing]