Freezing Order: A True Story of Money Laundering, Murder, and Surviving Vladimir Putin's Wrath

by Bill Browder

Unlike 40 years ago, when a money launderer could show up at a bank carrying a suitcase full of cash and open an account, today, the most cash you can deposit or withdraw is $10,000—anything more and you’re required to file a declaration with the relevant authorities. As a result, money launderers no longer deal in cash. They conduct their operations using wire transfers. They create hundreds of accounts in dozens of banks in the names of countless shell companies and then wire the money so many times and in so many denominations that they hope nobody has the patience, resources, or vigilance to track it. It’s also simple by design. Money laundering consists of nothing more than transferring money, and every transfer leaves an indelible trail, just as John Moscow had pointed out back in 2008. In all Russian money laundering cases, the money starts in Russia; then goes through a handful of transit countries like Moldova, Cyprus, Lithuania, Latvia, and Estonia; before landing in destination countries like France, Switzerland, and the United States. When it reaches this final stage, the money is accumulated in banks or kept in real estate, or used to make extravagant purchases like yacht and private jet charters, jewelry, or fine art.