The Orgin of Money Laundering What Al Capone has and doesnt have to do with it

Introduction

Money laundering is a topic that is frequently discussed in the media and by politicians. However, the origins of the term are shrouded in mystery. One myth in particular is cited frequently as to its origins, specifically that the term originated with Al Capone. While this may seem a purely academic question, understanding the history of the term has a major impact on our understanding of this practices. In fact, the use of the term changed significantly in the 1980s, which resulted in a restrictive use of the term. By reconsidering the historical record, it is possible to redefine money laundering. This article will consider specifically the origins of ‘money laundering.’

What is the myth?

Since 2003, many sources mention possible origins of the term ‘money laundering’. Consider the following text from BAFIN, Germany’s Federal Financial Supervisory Authority, website:

“Al Capone was the first to launder money (…). The legendary gangster invested the profits from criminal activities such as prostitution, racketeering, illegal gambling and alcohol trading in a whole chain of laundromats. Capone, who it is claimed never had a bank account, managed to conceal his proceeds by maintaining that they were earnings from the laundromats. Whether this is fact or mere fiction is unclear. When asked about the source of his earnings at the trial in Chicago in 1931, Capone allegedly replied that he was “in the laundering business”. In any case, it is safe to say that he was probably the first to coin the term ‘money laundering.’” (BAFIN)

This is a very typical example, and include elements that align neatly to the modern definition of money laundering. Namely, Al Capone concealed generated income from illegal businesses by claiming that the income from a chain of laundromats. These elements appear in other citations of this claim, including academic research. Consider this from an article in 2011:

“Money laundering – bringing illicit proceeds from drugs, fraud and other crime, back into the legal economy – owes its name to Al Capone. He used launderettes for disguising illegal alcohol revenues during prohibition in the US. Launderettes, a flourishing cash intensive business in the 1930s, when almost no household had a washing machines, were an ideal location to slip the money from illegal alcohol sales into the cash register.” (Unger, Money laundering regulation: from Al Capone to Al Qaeda 2013)

In 2013, the same author wrote, “Al Capone’s laundering in launderettes might however be a myth.” (Unger, Introduction 2013) And this is not an isolated case. ?While all accounts admit that the story is possibly not true, it is very easy to find other articles or books which include it. Here is another example from 2011:

“The term ‘money laundering’ itself is apocryphally said to date from the era of Prohibition in the United States and came about as a result of gangster Al Capone’s need to invent an alibi for the massive profits from bootlegged alcohol. The story goes that Capone bought pool halls and self-service laundries to provide an explanation for his income and assets and hence ‘launder’ his illegal money. Although in lexicographical terms there seems to be little truth to this account, the attraction of comingling criminal money with legal revenues from business that engage in a large number of individual cash transactions remains true to this day.” (Sharman 2011)

These accounts do not typically provide citations to earlier works. The earliest reference found is from 2003, and it again has the same elements:

“Semantically, the meaning of the phrase ‘money laundering’ hinges on the component ‘laundering’. It is alleged that the phrase derives from the habit of the gangster Al Capone of funnelling his ill-gotten gains through launderettes to construct the pretense of a legitimate income. One can say that this is still the core meaning of money laundering: washing something, in this case ‘dirty’ or criminally acquired money, until it becomes ‘white’.” (van Duyne 2003)

Due to the similarity of these accounts, it is possible that the same source was relied on by all of these authors.

Can the myth be true?

The Al Capone myth is always accompanied by some statement acknowledging that it is possibly false. But none actually consider it critically. The most prominent exception to this is Jeffery Robinson, who actually also provides the earliest reference to this myth. In his 1996 work, The Laundrymen, Robinson wrote, “Myth has it that the term was coined by Al Capone (…) used a string of coin-operated laundromats scattered around Chicago to disguise his revenue from gambling, prostitution, racketeering and violation of the prohibition laws. It’s a neat story, but not true.” (Robinson, The Laundry Men - Inside Money Laundering, The World's Third Largest Business 1996)

Robinson later revisited the story in 2020 and pointed out the very obvious mistakes in fact and logic. (Robinson, No. Enough! Basta! One more time, Al Capone Was Not A Money Launderer. And Anyone Who Says He Was, Doesn’t Understand Money Laundering!!! 2020) The most obvious issue with the various myth is that they all mention “launderettes” or “self-service laundries”, however these didn’t exist until 1934. Al Capone was convicted in 1931.

There are numerous issues with the myth beyond the matter of ‘laundromats’. The most obvious issue: if Al Capone had laundered his illegal income, he wouldn’t have been convicted. But it makes sense to consider the actual historical facts.

The definition of money laundering requires efforts to conceal the proceeds of crime. However, Al Capone never took any serious attempts to conceal his activities or present his income as legitimate. While he did deny to prosecutors in 1929 that his money came from alcohol and claimed that the money he received was from his gambling business, (Eig 2010), he had in the past admitted his involvement in the violation of prohibition during newspaper interviews. (I don't want to die: Capone Begs for Peace 1926)

Additionally, the trial against Capone for tax evasion didn’t actually focus on the source of the income. The prosecution used a net worth analysis and argued that Capone must have had income because his net worth (shown through the purchase of clothing, jewelry and real estate) had increased. Essentially, if Capone’s net worth at the beginning of the year was x and it was x + y at the end of the year, then y is income and Capone should have declared that. Capone’s counter argument was: net-worth analysis is not sufficient to prove income. (Fink) The jury accepted the prosecution’s argument. It should also be pointed out that Capone did not testify during the trial.

Origin of term ‘Money Laundering’

If Al Capone did not create the term, where does it come from? One starting point is Google Ngrams. This shows us the frequency of the term in the numerous volume of publications that Google has digitalized. This shows that the term began to be used in the 1970s and really took off in the 1980s.

An alternative source is the Oxford English Dictionary Website. This provides a potential origin for the term. “The earliest known use of the noun?money laundering?is in the 1970s. OED's earliest evidence for?money laundering?is from 1974, in?New York Times.” While no citation is provided to a specific article, it could refer to an article by David Rosenbaum in the New York Times in 1974. In this article, the following phrase appears: “Some of the money was “laundered” through a bafik in Mexico, and part of this money was in the possession of Bernard L. Barker when he was arrested inside the Democratic headquarters in the Watergate Building.” (Rosenbaum 1974)

However, the term can be found earlier in other articles. Consider this quote from a 1967 article in Life Magazine, “(..) the pattern of corruption (in the Bahamas) breaks down into four principal categories: (…) Secret accounts in nearly a score of banks, where American underworld figures and tax evaders can deposit profits from the narcotics trade, loan-sharking, gambling and other criminal pursuits, with no fear of being investigated or taxed. Such hidden money, after it has been ‘laundered,’ usually gets back into the underworld economy in the U.S.” (Oulahan und Lambert 1967) This article is referenced in the Hank Messick’s 1969 book, “Syndicate Abroad”. (Messik 1969)

Messick’s book deals with the use of entities in the Bahamas by organized crime groups in the US. He mentions concerns by the US Securities and Exchange Commission about the use of Bahamian corporate structures with unknown owners. Such corporations “could be used as but another sophisticated step to launder gambling profits from Law Vegas and Paradise Island and permit the ‘clean’ money to reappear anywhere on earth in a vastly different guise.” ?

Even the New York Times used the term prior to 1974. In 1968, an article was published about loan-sharking and how organized crime groups used the practice to launder funds. (Fox 1968) And in 1972, E.W. Kenworthy wrote, “Staff investigators reported that $100,000 in campaign funds had been traced from Houston to Mexico, back to Houston and then to Washington in what some observers have since called ‘the Mexican laundering operation.’ The staff report hinted today that the money may have been corporate gifts because “it originated in a corporate account in Houston.” (Kenworthy 1972)

It is therefore clear that the term began to be used significantly later than Capone’s conviction in 1931 and even his death in 1947. President Nixon signed the Currency and Foreign Transactions Reporting Act into Law on October 26, 1970. This act, also known as the bank secrecy act, granted the Secretary of the Treasury to establish record keeping and reporting requirements for financial institutions. The act states, “The Congress finds that adequate records maintained by (…) banks have a high degree of usefulness in criminal, tax and regulatory investigations and proceedings. The Congress further finds that microfilm, or other reproductions and other records made by banks of checks, as well as records kept by banks of the identity of persons maintaining or authorized to act with respect to accounts therein, have been of particular value in this respect.” (Bank Secrecy Act 1970) The act does not, however, use the term ‘money laundering’ at all.

Earliest Official Uses

Watergate

The first official use appears to be in 1974 in The Senate Watergate Report. Here there are two references. (Select Committee on Presidential Campaign Activities 1974) The first reference mentions the lack of enforcement of campaign finance laws, “which permitted individuals to ‘launder’ cash through Mexico in an effort to suppress the identity of the source.” Later in the document, there is a reference to John Dean’s testimony about a discussion with President Nixon. “The conversation then turned back to the question from the President regarding the money that was being paid to the defendants. He asked me how this was done. I told him I didn’t know much about it other than the fact that the money was laundered so it could not be traced and then there were secret deliveries.”

The cases described by the Senate Report are very enlightening. American Airlines was one of the corporations which attempted to disguise their financial support for President Nixon. In order to do so, they wrote a check to a foreign agent and described the transaction as “a special commission (…) in connection with the used aircraft sale to Middle East Airlines.” The agent deposited the check at his bank in Switzerland and transferred the money to another account in his name in New York. There he withdrew the money in cash and gave that money to American Airlines. The money was therefore off American’s Airlines books and physically in a safe in their offices. From there, donations were made by placing cash in unmarked envelopes and delivered to the Committee to reelect the President. Note that these efforts sought to disguise the destination of the funds, and that these were not the proceeds of crime. The money used here was legitimately earned by American Airlines in their normal course of business.

Operation Tradewinds

Soon after Watergate, other congressional hearings saw much greater consideration of laundering. In 1975, US Congressman Mr. Elliot Levitas described an IRS operation in the following way, “Operation Tradewinds was to be a continuous process because there were many American taxpayers who were suspected of using the Bahamas to conceal or launder funds.” (Committee on Government Operations House of Representatives 94th Congress 1976)

The report on these hearings includes many newspaper articles from the mid-70s about money laundering and some of these mention Al Capone. For example, “IRS’s enlistment in the drug war is an extension of its long-time involvement in combating organized crime. Ever since the successful 1930 prosecution of Al Capone on tax charges, the federal tax laws have provided an effective weapon for putting leading rackets figures in prison.” (Goshko 1976) This idea is reinforced in a submission by the IRS itself, stating, “The concept of using the tax laws as an enforcement tool against racketeering and other types of organized criminal activity is not new. It was the means employed to stop Al Capone and more recently has been a key tool in the war on Organized Crime.”

Earliest Court Cases

Al Capone’s conviction wasn’t the first for the failure to pay taxes on illegal income, that was covered in the Supreme Court Case United States v. Sullivan. But unsurprisingly this case did not reference the term money laundering. And even after the passage of the Banking Secrecy Act, the US Supreme Court uses other terminology when discussing the constitutionality of that law. ?(CALIFORNIA BANKERS ASSN. v. SHULTZ, SECRETARY OF THE TREASURY, ET AL 1974)

Potentially the first US court to use the term money laundering was the Seventh Circuit did in 1975. In US v Rauhoff, the court mentions the role of the defendant as the ‘money launderer’ in a bribery scheme. His role was to disguise that payments were going to a public official. Interesting, money laundering itself wasn’t actually a crime at the time. Rauhoff was convicted of mail fraud, conspiracy to commit bribery, and submission of false tax returns. The court affirmed the conviction. (US v. Rauhoff 1975)

In a case argued days after Rauhoff, the 2nd Circuit also considered money laundering in US v. Papa. This was a narcotics trafficking case, in which a witness was called who described a “money ‘laundering’ service he performed for Papa whereby Papa was able to convert millions of dollars of small bills (street money) into large bills.” ?(United States v. Papa 1976)

A few years later, the Fifth Circuit also had a narcotics trafficking case in which money laundering is mentioned. In US v Metz, DEA agents were able to pose as narcotics suppliers and infiltrate a conspiracy to sell cocaine and launder the proceeds. Interestingly, the defendants were indicted for a “single conspiracy comprising of several events” and they argued in appeal that this was prejudicial as the facts actually indicated that there were separate scheme. In particular, that the money-laundering was separate from the narcotic sale. As money laundering was not yet an separate crime, this separation would have meant that some of the defendants would not be able to be convicted of the drug offense. The Fifth Circuit rejected the defendants arguments and found that there was “a singular conspiratorial objective: a large-scale narcotics transaction.” (United States of America v. Walter Metz and Ronald D. Schiller 1979) ?

Relationship with organized crime

The earliest references to money laundering are clearly from the end of the 1960s to the 1970s. In this decade, we see the term used in the press, in books, and in official use by the legislature and courts. Money laundering was connected to three types of activities: tax evasion, bribery and organized crime. The organized crime element is the broadest, and it makes sense to consider this in more detail.

Organized crime has long been considered a “business”. One influence person in developing this belief was Al Capone, who often commented “that he was only a businessman catering to the desires of his public.” (R. J. Kelly 1986) Efforts by the US government to understand the nature of organized crime and its ‘business’ provide an interesting view into the history of criminal infiltration of ‘legitimate’ businesses.

The 1967 report by the Organized Crime Task Force, which was part of the President’s Commission on Law Enforcement and Administration of Justice (Katzenbach Commission), considered extensively the profits of organized crime.’ (THE PRESIDENT'S COMMISSION ON LAW ENFORCEMENT AND ADMINISTRATION OF JUSTICE 1967) And while there is no use of the term ‘money laundering’, the report does actually mention ‘Laundry’.

“Because business ownership is so easily concealed, it is difficult to determine all the types of businesses that organized crime has penetrated. Of the 75 or so racket leaders who met in Apalachin, N.Y. in 1957, at least 9 were in the coin-operated machine industry, 16 were in the garment industry, 10 owned bars or restaurants, 11 were in the olive oil and cheese business, and 9 were in the construction business. Others were involved in automobile agencies, coal companies, entertainment, funeral homes, ownership of horses and race tracks, linen and laundry enterprises, trucking waterfront activities, and bakeries.”

Not only do we see here a reference to both ‘coin-operated machine industry’ as well as ‘laundry enterprises’, the Katzenbach Commission also considered in detail the influence of racketeering in legitimate industry and provides ‘laundry’ services as an example. In fact, the history of racketeering and organized crime in the laundry industry is long. Consider the 1931 Report on the Cost of Crime by the National Commission on Law Observance and Enforcement.

“In one typical form of racket, the initial victims are the persons engaged in a particular business – say, for example, the laundry business. The racketeers ‘organize’ the business – i.e. compel all those engaged in it to pay tribute under threat of having their shops blown up, their property destroyed, and their lives and bodily safety endangered. Naturally, the ‘organized’ laundrymen seek to pass this burden on to their customers by raising prices, and in many instances the ability of the racketeer to bring about monopoly conditions in the ‘organized’ line of business may enable them to do? so. In some cases, indeed, the initial victims of the racket my be able to pass on more than the amount of the tribute required of them to the ultimate consumers, so that they, as well as the organizers of the rackets, actually profit.” (NATIONAL COMMISSION ON LAW OBSERVANCE AND ENFORCEMENT 1931)

Contemporary research by the sociologist John Landesco found that, “The racketeer does not always impose himself upon an industry or an association. He is often invited in because his services are welcome.”(Hawkins und Waller 1935) Al Capone again provides an early example. He was approached in 1925 by a dry cleaner named Morris Becker after being harassed by ‘a racked called the Retail Cleaners and Dyer’s Association’ which was involved in both price fixing and ‘protection’.” Becker was not willing to join or raise his prices and subsequently his establishment was bombed. After police failed to take action, Becker approached Al Capone. “Before long, other dry cleaners were signing up with Capone for protection. When asked, he started telling people he was getting out of beer and going into dry cleaning.” ?(Eig 2010) Ironically, this actually happened a few years later. Al Capone’s first job in Alcatraz was in the prison laundry. However, Capone’s involvement in the laundry racket didn’t involve laundromats, which hadn’t been invented yet, or in concealing bootlegging profits; this was an additional source of illicit revenue.

Ronald Reagan, the President’s Commission and the Money Laundering Control Act

?The historical record shows that Al Capone was involved in an number of different enterprises before his conviction and imprisonment. He actually began in prostitution and then moved into alcohol after prohibition began. Like many other bootleggers, he also was involved in various ‘rackets’ including laundry services. As Attorney General William French Smith stated in 1983,

?“Alcohol provided the major source of income for criminal groups from 1920 until the end of Prohibition in 1933. But organized crime had by then already learned how to diversify. The syndicates easily renewed and increased previous involvements in gambling, prostitution, and narcotics. They began investing in legitimate businesses, and also infiltrated labor unions.” (Smith 1983)

In his statement, Smith was promoting Ronald Reagan’s President’s Commission on Organized Crime. The executive order that established this commission didn’t actually use the term money laundering; though it required an analysis of the “sources and amounts of organized crime’s income and the uses to which organized crime puts its income.” (Reagan 1983)

As a term, the Commission used ‘money laundering’ frequently in its’ Interim Report on The Cash Connection: Organized Crime, Financial Institutions and Money Laundering (1984). It uses the term in the title of the report and also provides some hints as to the origin. “The term ‘money laundering’ is derived from the argot of criminals, who refer to ‘dirty’ or ‘black’ cash being ‘washed’ so that it can be used openly.” The report also provides a quote from Michele Sindona, “Laundering money is to switch the black money, or dirty money …(to) clean money.” Sindona is described as an Italian tax and corporate attorney who was involved in laundering schemes for the Mafia. He provided the Commission with this definition at a deposition and it is very possible that the term ‘launder’ originated out of criminal slang.

While the commission considered laundering in the context of tax evasion and bribery, the emphasis was on organized crime and the illegal narcotics trade. Considering that crime groups derived a significant portion of their revenue from drugs, this wasn’t unreasonable. But it did lead to a restrictive definition of money laundering focusing on the source of the funds. The Money Laundering Control Act (Public Law 99-570) was passed soon afterwards in 1986. This codified the restrictive definition of money laundering as the “proceeds of some form of unlawful activity.”

Conclusion

While the term money laundering had previously been used for bribery and tax evasion, situations in which the launderers sought to conceal the destination of the funds, the money laundering control act was passed to deal with organized crimes and the activities of such groups with regard to illegal substances such as narcotics.

What then does Al Capone have to do with money laundering? First, he was not the world’s first money launderer and the term only entered use decades after his death. In fact, had he attempted to launder his money, he arguably would never have gone to jail. Capone was involved in laundry rackets and worked in the prison laundry. However, he never owned laundromats or used his involvement in legitimate laundry business as a front for his illegal alcohol trade.

In fact, the best argument for Capone’s connection to the practice is as an example to other criminals about the need to provide a plausible, legitimate source of funds and wealth (and pay taxes). His trial had a lasting impression on law enforcement practices. Since his conviction, “every criminal case brought against a major organized figure routinely involves a net worth investigation of his income and assets and expenditures.” (R. Kelly 1999) ?

Perhaps more interesting that Al Capone himself, is that the definition of money laundering originally focused on concealment, but was agnostic as to the direction of the financial flows. The logic of US v Metz is also very significant as it saw laundering as an integral part of the conspiracy rather than a separate activity.

References

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Where does the noun money laundering come from? Retrieved 26. September 2023 from Oxford English Dictionary:

https://www.oed.com/dictionary/money-laundering_n?tab=factsheet#9936244231

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