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, from prostitution, from gambling, and from other avenues of investment. But he didn't launder anything because he didn't have to. There was no such concept as money laundering back then. 
FOR VISUAL AID PURPOSES ONLY


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.

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