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The Washing Machine: How Money Laundering and Terrorist Financing Soils Us of Kochan, Nick on 24 May 2005

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Brand New. Will be shipped from US. Read more

Language ‏ : ‎ English


Best Sellers Rank: #2,434,102 in Books (See Top 100 in Books) #2,362 in Globalization & Politics #6,306 in Job Hunting & Career Guides #23,878 in True Crime (Books)


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Customer Reviews: 3.4 3.4 out of 5 stars 16 ratings


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Top Amazon Reviews

    • Very, Very Interesting and Things I Didn't Know
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. ... show more
Reviewed in the United States on June 26, 2005 by Dr. Jonathan Dolhenty
    • Good (if old) information, wearying prose
Money laundering is a gift-that-keeps-on-giving topic. Like other financial scams and money-related bad behavior, it keeps changing, growing and shifting as governments plug old holes in their regulations only to open new ones. As finance globalizes, minor nations compete to be snug havens for ill-gotten or tax-averse money, and bankers continue to be dissatisfied with their eight-figure bonuses, the opportunities and tools available for turning black money white will continue to morph and expand. This is a two-edged sword for any author wanting to concoct the authoritative text on the subject. On the one hand, there's so much to write about, and anything involving so many zeroes and so many shady characters can't help but be interesting; on the other hand, whatever s/he writes will be out-of-date in five years or less. Nick Kochan, a British journalist and financial reporter for such publications as the Financial Times and The Economist, has been cut by both edges of this sword. The Washing Machine is chock full of information and has some interesting stories to tell. Having been written in 2004-5, however, it can only speculate about the effects of the PATRIOT Act and its foreign analogues. The changes wrought by subsequent anti-terrorism legislation and the Dodd-Frank Act aren't even on its horizon. The author attempts a broad survey of the different flavors of money laundering, though (as you might guess from the subtitle) his main concern is how terrorist groups and supporters use the methods and vehicles of the megawealthy and the drug cartels to hide and clean their funds. He covers conflict diamonds, arms trafficker Victor Bout (a chapter less about laundering than Fun with Front Companies), private banking for kleptocrats, Colombian drug cartels (how quaint), and how Irish and Tamil terrorists installed the pipes that Mideastern terrorists now use to move their money around. It's a lot of ground to cover -- perhaps too much. If you've been following my reviews for awhile, you'll know I've been looking for a book about money laundering that actually explains how it's done. Kochan actually does spell out how some of the processes work, although he doesn't make it easy for the reader to follow. This isn't by any means the For Dummies intro to money laundering. You'll want to have explored this subject in other books (such as Crime School: Money Laundering) before you plow through this one. Which leads to my major quarrel with this book: it reads like a 280-page feature article in some serious newspaper. That style and tone works when the piece is just on the front page and a couple jump pages; it gets old after the first fifty pages here. Part of this is down to Kochan's no-doubt ingrained journalistic habit of squeezing as much information as possible into every paragraph. The chapter on Victor Bout, for instance, screams for some diagrams to help the reader sort out the tangle of shell companies and false fronts that the "Merchant of Death" used to cover his tracks. I can't help but think a couple simple graphics could better explain the Black Market Peso Exchange than do the blocks of prose the author throws at it. The processes of money laundering are deliberately opaque and confusing, and unfortunately, Kochan doesn't always succeed in making them less so. Still, there's a lot of good information in this book if you can only get to it. The bibliography is useful if you want to do further study, even though the sources are now more than ten years old. It's because of this that I struggled with the overall rating. I'll find it useful down the road (four stars), even though the prose made the reading a chore (two stars). Three stars it is, but with a pack of caveats you should keep in mind depending on your purposes for reading this. The Washing Machine throws you into the deep end of a very broad and deep subject. It will download a lot of information that was au courant a decade ago, but is now dated as the state of the art has marched on. As long as that works for you, and you already have some acquaintance with the subject, give it a try. Don't expect the road to be smooth or the going easy, but at least you'll come out more informed than you were going in. ... show more
Reviewed in the United States on October 10, 2015 by Lance Charnes
    • Insight into the criminal underworld!
Mr. Kochan explores the movement of money around the world and around communities plagued by drugs. A good read that isn't written in legalese or hard-to-follow language. Very accessible!
Reviewed in the United States on January 26, 2013 by LadyNeal
    • ultimately naive and silly
This book is, ultimately, a naive and silly approach to a serious subject. I am afraid that the author comes too late to the game and brings too little. Worth a miss.
Reviewed in the United States on May 13, 2006 by Arthur Anders
    • Author exposes global terrorism's economic engine
With huge swaths of the world's economy taking place in the black market, money laundering has turned into an intractable problemw with wide-ranging consequences. British journalist Nick Kochan offers an intriguing study of this shadowy world. He argues that laundering was an overlooked problem in the U.S. before the Sept. 11, 2001, attacks pushed the issue to the fore. Indeed, he says, Americans were oblivious to the effects of dirty money. Kochan details the sordid sagas of Russian gangsters, Colombian kingpins and corrupt Mexican bankers. At times, his broad approach hinders his prose, and his examples aren't always as compelling as they should be. Still, we recommend this eye-opening study to anyone who deals with the global movement of money. ... show more
Reviewed in the United States on April 24, 2006 by Rolf Dobelli

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