Slate Daily Feed Slate Money - Money Talks: Modern Money Laundering
Jan 20, 2026
Joe Salama, Chief Compliance Officer at Coinbase and an expert in anti-money laundering, shares his insights on the global money laundering landscape. He discusses the evolving tactics criminals use, including trade-based laundering and the persistent dominance of cash. Salama reveals the staggering scale of illicit activities, with $2-5 trillion laundered annually, highlighting China's influence. He also explains how blockchain technology can enhance tracking of funds, while cautioning that many criminals still prefer cash for its opacity. A fascinating dive into the cat-and-mouse game of AML and illicit finance!
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Cash Still Dominates Proceeds
- Illicit proceeds come from diverse crimes: drugs, scams, human trafficking, and frauds, not a single dominant sector.
- Cash (especially US dollars) remains the overwhelming medium for much of that activity.
Art Market Is Vulnerable
- High-value, transportable assets like art are vulnerable because auction houses historically lacked KYC obligations.
- Enforcement and scale limits make art a meaningful vulnerability but not the largest channel.
Risk-Rate And Monitor Clients
- Financial institutions must risk-rate customers and increase monitoring for higher-risk clients.
- Joe Salama describes rule-based transaction monitoring that surfaces alerts for investigation.