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Money-Laundering Expert Rates 8 Money-Laundering Scams In Movies and TV | How Real Is It? - YouTube
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There is more money here
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than we could spend in 10 lifetimes.
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I certainly can't launder it.
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That's pretty realistic too.
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You're going to have to have
a lot of small businesses
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to run through millions of dollars.
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Hi, I'm Jerri Williams,
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and I was a special agent
with the FBI for 26 years.
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I investigated economic
crime, financial fraud.
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I'm also the author of "FBI
Myths and Misconceptions:
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A Manual for Armchair Detectives."
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Today we're going to look
at money-laundering clips
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in movies and judge
how realistic they are.
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Marty: Money-laundering 101.
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Say you come across a suitcase
with 5 million bucks in it.
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What would you buy?
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A yacht? A mansion? A sports car?
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Now, his money-laundering
101 is a little right,
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but he has some things that are wrong.
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Marty: The IRS won't let you
buy anything of value with it.
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The IRS will let you spend
as much money as you have,
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but they want to know
where you got it from.
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And they also want to make
sure that they get their cut.
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So, if a criminal or a bad guy goes in
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and wants to lay down a
million dollars for a home,
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that is going to be reported to the IRS.
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I think it's called Form 8300.
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And if they're suspicious
about the activity,
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it's also going to be reported to FinCEN.
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Marty: You gotta age it up.
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Crumple it, drag it through the dirt.
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You don't need to run it
through a wash machine.
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But I guess if a criminal has
some illegal source of money
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and it's coming in brand-new, crisp bills
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and he's trying to pretend
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that it's part of his normal
revenue from a business,
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I guess he would want to make it look like
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it has been handled,
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but I've never heard of that before.
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Marty: Next, you need a cash business.
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This clip is very realistic.
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Strip clubs and casinos,
restaurants and bars,
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any type of business where cash
is being used and transacted
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are just the perfect kind of businesses
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to do money laundering.
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Marty: That mixture goes
from an American bank
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to a bank from any country
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that doesn't have to listen to the IRS.
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It then goes into a
standard checking account,
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and viol脿.
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All you need is access to one
of over 3 million terminals.
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Because your work is done.
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Well, your work is done
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once the money is in the banking system.
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It doesn't need to be sent anywhere else.
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It's now, you know,
clean, legitimate money.
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The only thing that he doesn't talk about
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is the fact that when
you deposit that money,
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if it's over $10,000,
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you have to fill out what is called a CTR,
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or a currency transaction report.
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And this is required of any bank.
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And, of course, on that form,
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you have to indicate
where the money came from.
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I would give this clip
about a 7 out of 10.
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I think they got a lot of it right
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about the general, basic
part of money laundering.
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Steve: And Gacha had the
most successful emerald mine
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of all time.
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He would inject bad stones
with oil to make them shiny
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and have his friends in Miami
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buy the emeralds with drug money
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and give them as gifts to hookers in town.
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And this is another example
of money laundering.
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If no one is looking to put a value
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on those gems or diamonds or whatever
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that you're exchanging for cash
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to legitimize your illegal funds,
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then, you know, on paper it appears that
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a legal transaction has occurred.
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Steve: And that's what they did.
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This is very realistic, and
it's based on the truth.
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Drug dealers in South America
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did get to a point where
they had so much money
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that they buried it.
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Rumor is that that money
is still buried someplace,
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and people are constantly
searching to find it.
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Steve: They hid it in caletas,
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hiding places in walls and ceilings.
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I was involved in a search once.
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All of the cash was hidden
in the floorboard of the van.
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It was pretty exciting to come across
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thousands and thousands of dollars,
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although tedious to have to count.
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I would give this clip a 10 out of 10.
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It's pretty authentic.
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There's been nobody that
I'm aware of that has hidden
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as much cash as Escobar has,
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and he's legendary.
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I didn't know what else to do.
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I tried weighing it.
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I figured one bill of any
denomination weighs a gram.
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There are 454 grams to a pound.
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Money is handled on a regular basis,
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especially in drug dealing,
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and so all of that is going to
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make each particular bill
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weigh differently than it did
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when it was a nice,
crisp, clean, fresh bill.
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So there's really no way of determining
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how much money is there
just by weighing it.
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I just stack it up, keep it
dry, spray it for silverfish.
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Most of the time the money
is just stored in a bag.
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I have heard so many times about
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drug dealers or criminals
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who have gathered money together
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and stored it in a place
only to come back later
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to find out that it's water-damaged,
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that it's rotting away,
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that it's been eaten
by animals or insects.
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There is more money here
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than we could spend in 10 lifetimes.
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I certainly can't launder
it, not with 100 car washes.
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That's pretty realistic too.
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You're going to have to have
a lot of small businesses
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to run through millions of dollars.
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I think I'd give it a 10 out of 10.
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I think it's pretty realistic,
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the issue of having
too much money to spend
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and the way it's being stored.
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Where does this check go?
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Montana Realty Company.
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This is the point where the
money laundering occurs.
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It turns into money laundering
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running it through a realty company.
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And so this is a pretty
authentic part of the scene.
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I have heard of many businesses
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that have been used as
fronts for criminal activity,
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and it's kind of sweet and funny
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that many of them use the
names of their spouses,
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their wives, or their children.
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It's kind of sweet until
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the federal government
comes in and confiscates.
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All right, freeze!
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Get 'em up! Get your hands up!
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Officer: Put your hands
against the wall, turn around.
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Let your undercover
agent or your informant
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get out of the scene before
you come and make an arrest.
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There is no rush.
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You know the money's there,
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you know the transaction's been made,
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you have the camera,
the video of everything.
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Officer: Put 'em up against the wall.
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You're under arrest for
violation of the RICO statute.
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So, he mentions RICO here.
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RICO is the Racketeering Influenced
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Corrupt Organization Act,
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and it is used when you are investigating
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a large organization.
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You see that eye there on the clock?
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Say, "Hi, honey."
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I think they could have done a better job
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[laughs] of disguising it.
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I would wonder if there was a camera
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being poked out of this clock.
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Most of the time I have
hidden audio equipment
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on the cooperating witness
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or the undercover agent's person.
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You know, a beeper or in a cellphone
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or in a book.
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Many times lamps are used
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just because they're at the right height
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and they're very effective
tools for hidden cameras.
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I would rate it about a 7 or 8.
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I think it's pretty realistic
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when it comes to the exchange of funds.
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You know, I have problems with
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the fact that they're sitting
there counting the money,
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you know, for hours on end.
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Let me ask you something.
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What about her family, right?
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How would anybody think
they're gonna get through
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the security system at most airports
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with money like that
strapped all over their body?
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Before we became much
more security-conscious
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here in the United States, anyway,
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the TSA, you know, I would still
think would've caught that.
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Nowadays you're going to have
to go through a body scanner
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as well as all your carry-on luggage.
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I mean, they all got
Swiss passports, right?
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The woman and her family
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are what we would call money mules.
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People that are being paid
to transfer illegal sums.
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A money mule can also be paid
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just to open up bank accounts
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and then make those deposits and transfers
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in their own name on
behalf of the criminal.
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It's very common that a criminal
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will ask a family member
or a friend to do this,
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but they can also just pay a stranger.
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I mean, she's got parents,
she's got a brother, right?
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Brother's got a wife,
that's five f---ing people.
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Six, seven trips, boom.
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One of the things that really
bothers me about this scene
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is that I know this particular case
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that this movie is made about,
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and it was an investment fraud.
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The money was already
in the banking system.
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So I'm not even sure where
all this cash came from.
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It was not a cash business.
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I hope this is a scene
that is set for comedy,
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because it's pure comedy.
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There are parts of the whole
movie that are pretty good.
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I mean, it is based on a real case,
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but these scenes, not good at all.
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I would rate it as low as a 1 or a 2.
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Immigration official: I can
confirm that he left Sweden
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on a private jet that
landed in Paris last week.
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Transferring funds from an
account that she doesn't own
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into her own account.
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This is what people think about
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when they think about money laundering.
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But, in fact, it's not money laundering.
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It's identity fraud, it's
wire fraud, it's embezzlement.
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I have a number of accounts
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at Bank of Kroenfeld, Cayman Islands.
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I'd like to transfer those accounts
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and convert them to bonds.
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Naturally, you have the clearing codes.
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Naturally.
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How many accounts will
you be transferring?
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30.
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Because of digital fingerprinting
and facial recognition,
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I think it's becoming harder and harder
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to do identity fraud through disguises.
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So, you know, she's
getting away with this,
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but the documentation, her passport,
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and other types of identification
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must be able to be verified.
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Reporter: Where fugitive financier
Hans-Erik Wennerstrom is:
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here in this Caribbean island's --
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Now it's money laundering,
because she has taken funds
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and she has disguised and concealed them.
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She's taken money
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that was in the banking system
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and she's transferred those funds
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and converted them into bonds.
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How many of these would you
like to convert for deposit?
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All 50 into five accounts.
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These counterfeit bonds, I
assume they're counterfeit,
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to a Swiss banker.
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And so they're going to have to have
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the appropriate weight
and the appropriate stamps
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and the appropriate official markings
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that these types of bonds
would normally have.
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And it's a criminal act of the banker
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if they do not verify the
identity of the person.
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Or if they believe that those funds
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were part of a criminal activity,
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the banker would not accept
those funds in the bank,
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because doing so would
also be a criminal act.
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The things that you hear
about Swiss bank secrecy
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has to do with once those funds
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have been legitimately deposited.
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But banking in Switzerland
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still works just like any
other bank around the world.
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They still want to know who you are.
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I think that I would give
it probably a 10 out of 10.
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You know the drill,
everybody gets a burn bag.
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Into it you put anything
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with Barry Seal's face or name on it.
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Barry: Come on, boys, we gotta move.
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I can tell you watching
this just makes me so happy.
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There are some agents in the FBI
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who would rather poke
their eyes out with a stick
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than to have to go through
documents and papers.
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Of course, now a lot of this
stuff is going to be online.
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This still goes on, but it's
a lot easier, I would imagine,
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to destroy evidence
that's online than it is,
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you know, boxes and
boxes of paper like this.
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Agent: Seal! DEA!
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Back away from the truck
with your hands in the air.
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I have been in many situations,
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especially during searches,
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where we come in and identify ourselves
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and immediately have
to tell people to stop.
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Agent: ATF!
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Drop your weapons!
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Whoa, whoa, whoa, DEA!
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ATF! Put your guns down!
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It's cool! Everybody's friends here!
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Now, this particular case happened
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before the late 1980s.
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Maybe something like this could happen,
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but it doesn't happen anymore.
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Not since they created
what is called HIDTA
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so that they can deconflict or prevent
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all of those agencies
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coming up on the same
type of case together.
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You don't want to have
any law-enforcement agency
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or law-enforcement officer or agent harmed
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because of friendly fire.
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So I would rate this movie clip about a 5.
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The last half, when we had all of these
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law-enforcement agencies converging
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at the same time, no,
that's not very realistic.
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A last-minute addition to your catalog.
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Lot No. 277 A, oil on canvas,
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signed by the artist.
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"The Road to Damascus"
by Jonathan Graziosi.
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This part of the clip is pretty funny.
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Art is in the eyes of the beholder,
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and it's harder for authorities
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to be able to determine
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what is the value of art.
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And unlike other businesses,
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the art dealer does not have to complete
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that CTR, like we talked about,
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to let the IRS know
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that this transaction has been made.
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50,000, anyone? No?
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Oh, well, too bad then.
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Money laundering doesn't usually occur
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at an auction like this.
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Each art in an auction
would have the provenance,
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where you know exactly who is the artist,
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how much this work of
art has sold for before.
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It has a trail of how much it's worth,
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how much it's been valued in the past.
[952]
We have $50,000.
[954]
When you have a single purchaser,
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then that again is when
the radar goes off,
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that this might be a
suspicious activity here.
[964]
Quite a painting you
have for yourself, sir.
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Thank you.
[967]
Somebody at that level
should be suspicions
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that a painting of that quality
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would sell for this amount.
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Now he's part of the conspiracy,
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and so if I were able
to give him any advice,
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I'd tell him this is the point
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where he needs to come clean to the FBI.
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I would rate this scene about a 7 or an 8.
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I think they got a lot of the things right
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about using art in a
money-laundering scheme.
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Thanks for watching.
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If you enjoyed this video,
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