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BOOK REVIEW The Washing Machine: How Money Laundering and Terrorist Financing Soils Us by Nick Kochan Texere Publishing Ltd. - July 2005
Reviewed by Dr. Jonathan Dolhenty
The last time I was involved in money laundering was when I forgot I had left a couple of dollars in the pocket of my pants and put them into the washing machine, only to realize when I transferred the pants to the dryer that I had, in fact, laundered some money. Other than that encounter, I had no knowledge whatsoever about, nor experience with, what is now referred to as "professional" and "criminal" money laundering. Of course, my activity was neither professional nor criminal. But, after reading Nick Kochan's book, The Washing Machine, I now know a lot about a particular nefarious enterprise which is both professional and criminal. And, unfortunately, a continually growing threat to world peace and security. Mr. Kochan is just the right person to write this book. An investigative reporter, Kochan has investigated a number of financial frauds and scams for many years and has written for such prestigious publications as The Economist, Financial Times, and other well-respected media. He is also a well-known broadcaster who appears regularly on the BBC television and radio networks, and has served as a consultant to a number of British and international corporations on political and economic risk. Many ordinary readers may not at first see the relevance of the money-laundering problem to their daily life. Kochan will convince you otherwise. The problem is truly serious, non-endemic, and affects us all in a very direct way. Moreover, money laundering is not just a matter of "criminal" activity anymore, committed by those who simply want to hide their ill-gotten gains from the authorities, but money laundering is now used by international terrorists to hide their sources of revenue for the financing of their attacks on civilized societies. This raises the bar and should convince any citizen, whatever his or her position in any society or nation, to acquire some information about the current threat in order to help combat what has become an increasingly threatening situation. We are at risk. The world is at risk. The author of this book makes that clear. He provides the facts and asks the reader to consider the probabilities. Don't know anything about the Russian Mafia? Read and learn. Don't know anything about the reputable banks (many who advertise their services on American television) who "somehow" have been involved in the money-laundering schemes of criminals and terrorists? Read and learn. Don't know that some so-called "friends" of the United States, such as Ireland, Turkey, and Sri Lanka, are involved in terrorist finance? Read and learn. And on and on. You'll be surprised, and maybe somewhat depressed, with the facts that Kochan presents in his book. You will go deep into a world you probably don't know much about, the world of international business, the whole globalization thing you read about in the newspapers and magazines and most likely don't pay much attention to. You will learn how financial criminals and international terrorists can turn "dirty" money into "clean" money, often with the help of banks and other financial institutions with whom you are personally acquainted. And, you will learn why the battle against this type of activity is so difficult to win. The author of The Washing Machine has provided a number of resources to aid the reader in coming to grips with the subject. I always like it when the author of a nonfiction work provides us, the readers, with more resources to consult or pursue. In this case, Kochan includes a glossary at the end of the book so even the most inexpert of us can grasp any acronyms or terms currently used in discussing this subject. He also provides the reader with references (by specific source!), plus a bibliography and a topic index. I would think this book would appeal to anyone with an interest in the world economy, the controversial matter of globalization, the threat of international terrorism, organized criminal activity on a global scale, and/or the techniques of money laundering on a momentous scale, an interesting subject in itself. At the very least, this book made me aware of a problem that appears to be ubiquitous in today's world. Maybe more of us should pay attention to it. Before it is too late. The
Washing Machine: How Money Laundering and Terrorist
Financing Soils Us, |
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Enrich your life with a book about politics and current events... Enrich your political & social life with a politics or news magazine... |
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