"In April 2024, the value of all the dollar bills in circulation reached an all-time high of $2.345tn, and may well be even more than that by now. The total value of dollars in the world has doubled every decade since the 1970s. Similarly, there are 1.552tn euro notes in circulation, while most other currencies the British pound, the Japanese yen, the Swiss franc and so on are all at something like their highest levels in history."
"When I talk about us, I mean those who don't have to worry about hiding huge cash profits from drug dealing, people-smuggling and so on. And that of course provides the answer to the question: while law-abiding citizens like you and I have to jump through hoops when we move even relatively small sums around for entirely legitimate reasons buying a fridge or a secondhand car, say"
"Money laundering, by the way, is an expression that started in 1920s Chicago, when Al Capone and his friends had to cope with this same problem: what to do with their vast bundles of greenbacks. They created or co-opted chains of laundries and other small shops to disguise the profits from bootlegging, then bought high-value items such as houses and entire companies (not to mention cops and politicians) with the"
High-denomination banknotes have risen to record values even as everyday cash use declines. Dollar notes reached $2.345tn in April 2024 and the global stock of dollars has doubled each decade since the 1970s. There are 1.552tn euro notes in circulation and many other currencies sit near historic highs. Most consumers rarely use cash and many street vendors accept cards. Criminals and money launderers move, hoard and disguise large cash bundles to sustain illicit trade, and detection efforts such as cash-sniffing dogs lag behind growing issuance and increasingly sophisticated laundering techniques.
Read at www.theguardian.com
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