The new season of the Torch Club of Williamsburg got off to a great start with a presentation by Pat Shutterly from the Richmond Torch Club. Her talk covered “What is Money Laundering? And Why Should I Care?” Pat spent about 35 years in the financial industry, overseeing regulatory compliance in regional and national banking companies in Texas, the Mid-West and finally with Capital One Corp. in Richmond. During that time, the IRS made her a shield-carrying honorary criminal investigator for her anti-money-laundering/counter-terrorist-financing prevention work. So she had plenty of information to share with the group.
Pat’s presentation covered the various sources of money looking to be laundered, whether it was a drug smuggling cartel or just someone hiding assets from a spouse, as well well as the variety of ways the money can be hidden, or “washed,” so it cannot be detected by tax authorities, law enforcement, and others. Her discussion showed money laundering is a very complex subject with many players being pulled into the crime, some more willing than others.
The size of the industry behind this crime is staggering. According to the United Nations Office on Drugs and Crime, anywhere between two and five percent of global GDP is laundered each year. This equates to trillions of dollars being hidden and then recycled through the economy. We are fortunate to have people like Pat on the watch to detect this activity.
The next dinner in October will include a presentation from member Bob Spitzer, who will discuss the topic “Is the President’s War Power a Fiction?” It is a timely topic that you will not want to miss.
You can visit the link for upcoming presentations to learn more. Please contact us if you are interested in being part of the new season.
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