TED-ED: How does money laundering work? - Delena D. Spann

The video discusses Al Capone's involvement in organized crime and how he was only convicted of tax evasion due to hidden illegal earnings. It explains the origins of money laundering, a practice as old as money itself, and how it has evolved with modern technologies. The video outlines the three basic steps of money laundering: placement, layering, and integration. It also covers the legal recognition of money laundering as a crime in 1986 and its global impact, including concerns about privacy and government surveillance. The video concludes with the ongoing fight against money laundering by international organizations.

What was Al Capone ultimately convicted of?

• Bootlegging

• Extortion

• Tax evasion

• Illegal gambling

What is the first step in the money laundering process?

• Concealment

• Placement

• Layering

• Integration

Which of the following is a method used in the layering step of money laundering?

• Depositing funds into a bank account

• Purchasing expensive cars

• Starting a bogus charity

• Producing fake invoices

When was money laundering officially recognized as a federal crime in the United States?

• 1986

• 1976

• 2006

• 1996

Which organizations are involved in the fight against money laundering today?

• Only private financial institutions

• The United Nations, national governments, and various nonprofits

• Only the United Nations

• Only national governments