Money laundering is a three-step process: placement, layering, and integration

Money 'mules' don't always know they are laundering money

Money mules are anyone who receives money in a laundering scheme and then sends it forward, either to another company or to a financial institution. While some money mules—often called smurfs—actually work with criminals laundering money, getting someone to receive and then send money has become a popular scam.

Purchasing art is a common money laundering technique

Art is easy to transport internationally, susceptible to price inflation, and usually paid for with cash, making it a frequently used money laundering tactic. Additionally, loose regulations surrounding art transactions allow buyers to remain anonymous, adding an additional layer of ease for people trying to launder money.

There's a myth that Al Capone coined the term 'money laundering'

Al Capone owned multiple dry cleaning businesses in Chicago that were believed to be a front for his extensive bootlegging empire, but that's most likely not where the term "money laundering" actually came from. The word didn't appear in popular lexicon until the 1970s, and there aren't recorded references to Al Capone as a money launderer until much later.

Financial institutions use 'Know Your Client' standards to prevent money laundering

KYC standards include verifying customers' identities and conducting regular account checks for high-risk clients to avoid money laundering schemes. These standards obligate banks to report suspicious customers and activity.

Organized crime, including money laundering, drains $1.96T from the global economy annually

Overall, financial crime drains $3T from the global economy, with organized crime making up nearly $2T of that total. Drug trafficking is the second-largest drain on the global economy.

A Chinese-Mexican alliance marked one of history's largest nonviolent money laundering schemes

In 2019, Chinese-American gangster Xizhi Li was arrested for an expansive money laundering scheme spanning four continents. Li reportedly laundered hundreds of millions of dollars for cartel members, wealthy Chinese Americans, and other foreign countries.

A man who counterfeited over $1M explains how to counterfeit money

In 2019, after Jeff Turner forged US banknotes such as the 1996-series $100 bill and the 2013 “blue note,” he was indicted on federal conspiracy and served 10 months in prison. In this video, Turner explains how to spot a fake banknote, and provides information about the materials and processes required to make fake money.

Visualizing the history of money

Money is any medium of exchange used in payments for goods or services and can take many forms. From cattle and shells in ancient times to paper and blockchain today, money has taken many shapes and sizes. This infographic illustrates some of the major forms of exchange world cultures have used over the last 5,000 years.

The lifecycle of a financial bubble often follows a predictable pattern

Economist Hyman Minsky originated what became a five-stage model of an economic bubble: a new “displacement,” a rapid boom, euphoric speculation, early profit-taking by insiders, and finally panic selling. From Japan’s 1980s real-estate surge to the 2008 crash, the pattern repeats across eras and assets.

Blockchain, explained in five layers of difficulty

Blockchain, the key technology behind bitcoin, is a new network that helps decentralize trade and allows for more peer-to-peer transactions. Wired challenged political scientist and blockchain researcher Bettina Warburg to explain blockchain technology to five different people: a child, a teen, a college student, a grad student, and an expert.

It’s an investment banker’s job to raise money for the bank’s clients

Investment bankers do this in a multitude of ways, such as selling securities, or acquiring other companies.

A video showing how drug dealing really works

What motivates people to sell drugs? The “News on Drugs” series asks how people get drawn into the drug trade, unpacking the different goals and aims involved in dealing drugs. While there is a lot of focus on cartels, traffickers, and gangs...

Compounding, explained

During conversations about personal finance, the term "compounding" gets thrown around—but not everyone understands how compound interest and compound returns work. Broadly speaking, compounding is what happens when you not only earn returns or interest on your original investment, but also on the accumulated returns or interest you receive over time. This article explains how both of these processes function, and what compounding could mean for your wallet.

Find out how airlines quietly became banks

Some experts suggest airlines lose money on every flight. This video dives into how airlines have leveraged their loyalty programs to make billions of dollars, effectively evolving into banks.

Laminar flow moves in smooth, parallel layers, while turbulent flow is chaotic

In laminar flow, particles that make up a fluid move in consistent paths that do not cross each other. Contrastingly, differences across the speed of these particles cause them to mix, creating turbulence when viscosity cannot suppress the differences.

Escrow is when a third party holds on to the money during a financial negotiation between two other parties

In the homebuying process, escrow typically happens while the buyer and the seller negotiate the terms of the sale. Escrow accounts can also be used to hold a buyer’s money when making payments on their loan.

Metastasis: When cancer cells begin to travel through the body

Metastatic cancer starts in one part of the body and moves to another over time. This is known as metastasis. Such cancers are much more harmful since they attack multiple parts of the body, adapting new metabolic changes to suit the various environments found throughout a body.

Stereolithography uses light to fabricate objects in layers via chemical reactions

Specific locations in a tank of light-sensitive liquid resin are exposed to projected light, causing them to cure onto a build platform. The resulting cross-section of hardened plastic is moved slightly away from the light source, exposing it to resin once more, and the process repeats to produce successive layers.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Comparing bioremediation with other treatment techniques, at three levels of complexity

Physical manipulation, such as collecting and moving contaminated material to a landfill, or chemical applications, which use strong, expensive substances and produce harmful byproducts, can be costly. While bioremediation leverages naturally occurring degradation processes that can be augmented without disrupting impacted ecosystems, these processes may be less effective in environments that bioremediation organisms are not adapted to.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

The number of illiquid millionaire households is increasing

"Illiquid" refers to the increasing number of millionaire households who have most of their net worth tied up in housing and retirement accounts.

BNPL's biggest risks include the ability to stack multiple loans simultaneously

Buy now, pay later loans come with some risks, such as the hefty late fees that can add up over time in the case of missed payments. However, personal finance experts say that tactics like reading the fine print can help consumers use these financial tools more safely.

The ins and outs of oil refining

The oil industry is broken up into the upstream, midstream, and downstream segments, and oil refining is part of the latter. “Downstream” refers to companies like Standard Oil that are converting crude oil into a finished product.

Learn how to set up a trust

Setting up a trust often costs at least a few thousand dollars, given that the process typically requires paying for a lawyer’s time. An article lays out the step-by-step process one should follow in order to set a trust up.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

There are 6 essential steps in cheesemaking

The six basic steps that are required to turn milk into cheese start with acidification and end with ripening (aka aging). This guide explains what happens at each step and how it contributes to the finished product.

Read about different levels of price discrimination

Price discrimination is a business practice in which different customers are charged different prices for the same product or service. It's one way for a business to boost profits and take advantage of its market position. There are three levels of price discrimination, differentiated by the consumers targeted and the reasons for discrimination.

Watch how deep-sea mining equipment collects and processes polymetallic nodules—metal-rich, potato-shaped rocks—from the ocean floor and creates environmentally damaging plumes of sediments.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

In 2019, a laptop loaded with six of the worst malware in history and described as 'an exhibit of historical weaponry' sold for $1.3M.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Dirty lightning is a thunderstorm created from friction between rising and falling flows of ash and smoke during volcanic eruptions.

To reduce wrinkles in clothing, research recommends gentle wash cycles with more water and tumble drying with smaller loads and longer times.

Tattoos remain visible on your skin thanks to immune cells called macrophages

Watch this video that uses Lego bricks to explain how venture capital works.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

Researchers believe the brain consolidates memories, processes emotions, and plans for the future during dream states

Objects can be 3D printed with light by projecting 2D computerized tomography (CT) scans onto rotating cylinders of resin, which solidify upon exposure.

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

Watch how viruses like Ebola can spill over from animals to humans—and vice-versa.

The term 'algorithm' originated from the Latinized name of al-Khwārizmī, a 9th-century mathematician whose works introduced Arabic numerals and the decimal-based numeral system to Europe and whose treatise 'Al-Jabr' gave algebra its name.

Use this calculator to find the dollar value of your mental load, from meal planning to coordinating after-school care for your children.

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

Take a 3D tour of the Hajj, Islam's annual pilgrimage to Mecca, undertaken by over 1.5 million Muslims.

Abraham Lincoln was almost assassinated weeks before his inauguration as he traveled from Illinois to DC through Baltimore in 1861; it took two independent claims for Lincoln to be convinced the threat was real

Hear 50 years of iconic hip-hop samples, the genre's foundational looped tracks