The History of Money Laundaring

Most historians and bibliographers relate the term ‘money laundering’ to a well-known gangster and member of the Italian mafia, Al Capone. Aiming to legitimize the multi-million profits obtained from illegal activities, he created a chain of Laundromats around the United States that charged very low prices. It was practically impossible to track the exact number of customers who used the Laundromats. Therefore, these businesses could declare any amount of money gains. This is where ‘money laundering’ came from, the term referring to any act of hiding the origin of money obtained from serious crimes, such as drug trafficking or terrorist activity. Meanwhile, Laundromats in the US still enjoy a high popularity due to their low prices[-copied]