How To Money Launder & Defend El Chapo w/ El Chapo's Lawyer | Andrew Schulz

TL;DR

Learn how money laundering works, why criminals and drug cartels need to launder money, and how lawyers defend them.

Transcript

what's up everybody we got a great episode I don't want to take too long before we get into it but I'm gonna be joined by one of El Chapo's attorneys Jason Goldman he's a criminal defense attorney here in New York and he used to work for the District Attorney of New York and now he's gone on to the criminal defense side and yeah he was part of El C... Read More

Key Insights

• 🤑 Money laundering is a way for criminals to make illegal funds appear legitimate, usually through businesses or transactions that provide a cover for the illicit income.
• 🤑 Casinos are a popular method of money laundering due to the large amount of cash flow and the difficulty in tracing specific transactions.
• 🤑 Restaurants, nail salons, and other cash businesses can also be used for money laundering by inflating income through falsified records.
• 💵 Offshore bank accounts are not illegal, but if the funds being deposited are obtained illegally, then it becomes a case of money laundering.

Questions & Answers

Q: What is money laundering and why do criminals need to do it?

Money laundering is the process of making illegally obtained money appear as if it came from legitimate sources. Criminals need to launder money because their income is illegal, and they cannot freely spend it without raising suspicions.

Q: How do casinos help in money laundering?

Casinos are a common method for money laundering because they deal with large amounts of cash, making it easier to show inflated income. Criminals can use cash to purchase chips or play games, and then exchange the chips or winnings for "clean" money.

Q: Are restaurants and nail salons commonly used for money laundering?

Yes, restaurants and nail salons are often used for money laundering. Criminals can inflate income by falsifying transaction records, such as reporting more sales or customers than actually occurred. This makes the money appear legitimate.

Q: Is having an offshore bank account illegal in itself?

Having an offshore bank account is not illegal. However, if the funds being sent into the account are obtained illegally, then it becomes an issue of money laundering. The legality depends on where the money comes from, not necessarily on having an offshore account.

Summary & Key Takeaways

• Money laundering is the process of making illegally obtained money seem like it came from legitimate businesses to avoid suspicion from authorities.

• Criminal enterprises, such as drug cartels, often need to launder money because their income is illegal and they cannot freely spend it without attracting attention from the IRS.

• Casinos and businesses like restaurants or nail salons can be used to launder money by inflating income through fake transactions or falsifying records.