A Rough Guide to Money Laundering
About this episode
John Lanchester discusses the complexities of money laundering and the hidden cash economy.
More than 90 per cent of transactions in the UK are now cashless, yet there is more cash in circulation than ever before. In the UK, there’s about £1300 circulating for every individual; in the US it’s more than $7000, and the majority of this exists in the highest-denomination banknotes, such as the $100 and €500 bills. So where is it all? Remarkably, nobody really knows, but the assumption is that it’s underpinning much of the world’s criminal activity. John Lanchester joins Tom to talk through the many ways this money is hidden and processed, from the three classic stages of money laundering (placement, layering and integration) to the methods used to bypass banks entirely, through the purchase of agricultural equipment or the use of store cards and cash-only businesses such as vape shops and nail bars. Read John Lanchester on money laundering: https://lrb.me/lanchester052026pod From the LRB Subscribe to the LRB: https://lrb.me/subslrbpod Close Readings podcast: https://lrb.me/crlrbpod LRB Audiobooks: https://lrb.me/audiobookslrbpod Bags, binders and more at the LRB Store: https://lrb.me/storelrbpod Get in touch: podcasts@lrb.co.uk Learn more about your ad choices…
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