Wednesday, February 2, 2022

Al Capone Was Anything But A Money Launderer.

There's no denying that Al Capone had loads of cash coming in from his bootlegging businesses, prostitution, gambling, and from other avenues of "investments." But he didn't launder anything because he didn't have to. There was no such concept as money laundering back then. 

There were no bank reporting requirements, and no one cared how much cash you shoved into your bank account(s). There was no crime of money laundering. 
Inland Bank at Irving Park Road, Cicero and Milwaukee Avenues (Six Corners), Chicago. / Yellow Cabs [Phone Calumet 6000], Sign. Circa 1930

Capone never even heard the phrase "money laundering." It wasn't until April 1973 that the term was actually coined. And it wasn't until 1986 that money laundering was first criminalized.

People who claim Al Capone laundered money, or better yet, that he invented the term "money laundering," simply don't understand what money laundering is.

Compiled by Dr. Neil Gale, Ph.D.

No comments:

Post a Comment

The Digital Research Library of Illinois History Journal™ is RATED PG-13. Please comment accordingly. Advertisements, spammers and scammers will be removed.