Money laundering: How to combat white-collar crime

Money laundering accounts for 3% of global GDP ($3,000 billion). If it were a country, it would be the world's 8th largest, equivalent to the UK's GDP. The aim of this essay is to describe the mechanisms by which money is laundered, in particular the two main “schools” of fraud: financial flows and capital ownership. It also explores the demonetization of fraud, via the art market, real estate in London and the Alps, and the luxury watch market, which illustrate both the agility of fraudste...