Mummy, Daddy, what does money laundering mean?
Well darling, it can mean many things but the idea is to make money without anyone knowing you have.
But that could mean anything.
Yes darling, the most elaborates schemes have been devised. Trouble is, what smells of laundering might not actually be laundering, if the government of the land says it’s not.
Oh like those American banks which were bankrupt but the regulator said they weren’t and billions of people’s money was given to them as a present?
Not unlike that. Solvent is a word which means whatever those in charge want it to mean. Like insider trading, market manipulation and market rigging.
Well, can you give an example?
Hmmm. Well, there is a very nice man called Jesse and he runs a financial website and this is what he recently wrote:
Despite sincere efforts by some, the regulators have managed their public awareness responsibilities somewhat awkwardly to say the least.