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– TIMESTAMPS –
2:20 Crypto vilified in the media
5:18 How billionaires use fiat?
7:35 China’s capital controls
11:09 Laundering in Macao
15:40 Traditional Finance Launders
20:47 Banks and money laundering
⛓️ 🔗 Useful Links 🔗 ⛓️
► Chainalysis 2020 crypto crime report: https://go.chainalysis.com/2020-Crypto-Crime-Report.html
► Credit Suisse wealth report 2020: https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html
►China capital controls: https://www.hsbc.com.cn/en-cn/foreign-exchange/products/forex/
►South Africa capital flight report: https://www.uneca.org/sites/default/files/uploaded-documents/IFF/iff_capital_flight_from_sa_en.pdf
► Money laundering Macao: https://www.businessinsider.com/how-people-use-macau-to-launder-money-2013-11?r=US&IR=T
►Zuckerberg gets 1% ELOC: https://www.cnbc.com/id/48220824
📺 Crypto In The Media & The Truth 📺
You have seen news stories that make out that crypto is only used by criminals and money launderers. The internet is littered with content about laundered crypto, Bitcoin and the Silk Road, BCT ransomware demands and much more.
However, according to Chainalysis, just over 1% of all crypto transaction volume is illicit. In contrast, fiat money laundering accounts for between 2% and 5% of the world’s entire GDP.
So yes, don’t let the fake news fool you here.
🛩️ How billionaires use fiat to launder money? 🛩️
Today’s shady billionaire needs to get their fiat funds through a plethora of tax havens, cash fronts and banking privacy laws. Most of the time that’s to get around capital controls.
The first thing these guys do is to legitimize any money that they might have got from questionable means. That means getting your cash out to a safe jurisdiction.
So, who’s that a major problem for?
🇨🇳 The plight of Chinese billionaires 🇨🇳
China and Hong Kong are home to the second and fifth largest number of billionaires in the world. The bad news is that capital controls mean they aren’t technically allowed to get more than $50k out of the country a year.
All that has been done by China to avoid capital flight.
So, how do Chinese billionaires speed up the process of getting fiat out of China?
🎰 How money laundering works in Macao? 🎰
Macao reports over four times more gambling revenue than Las Vegas. This ambling powerhouse is right next door to China and has its own special little economic zone.
Watch my vid to learn how exactly the Chinese use Macao to get around those pesky capital controls.
🏦 How traditional finance launders money? 🏦
Once a billionaire has got their money out of China and is sitting on a mountain of US dollars, they need to find a private banker. Otherwise that money is sitting there and not earning a return.
That means they need to invest in stable assets.
Also, some may not want to pay taxes and that would involve using offshore tax havens. All those services can be found in London!
Those stable assets might be something like London property. It’s what billionaires do with these assets that is really smart; I go into all that in the vid.
💵 Banks and money laundering 💵
Most business carried out by investment banks is above board. However, pretty much every single one of them directly profit from fiat money laundering and it is more widespread than you think.
► Danske Bank laundered €200 billion through a tiny bank branch in Estonia.
► JP Morgan allowed a company to move more than $1 billion dollars through a London account with no clue who owned it. Turns out that the company is likely owned by a mobster on the FBI’s top 10 most wanted list.
► HSBC moved millions of dollars worth of ponzi scheme gains around the world.
I think you get the point. Money laundering in traditional finance is rife and a signficantly bigger problem than the small amounts happening in crypto.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#bitcoin #fiat #crypto #billionaires #moneylaundering #china