Why Money Launderers Love $100 Bills
Journalist and author Oliver Bullough joins Odd Lots to explore why physical currency in circulation—particularly the $100 bill—continues to hit record highs despite the shift toward digital payments. Bullough breaks down the global money laundering ecosystem, detailing trade-based money laundering, Chinese capital flight networks, European VAT carousel fraud, and how modern syndicates combine physical cash with stablecoins to bypass compliance systems.
- The United States has $2.4 trillion of physical currency in circulation, and $100 bills make up roughly 85% of that entire supply. Read →
- Financial institutions spend an estimated $200 billion annually on anti-money laundering (AML) compliance, yet criminal transactions have held steady at 2% to 5% of global GDP since the 1990s. Read →
- The US government spends about 9 cents to manufacture a single $100 bill, pocketing a 99.91% profit margin on physical currency creation. Read →
- Illicit financial networks from Russia, China, and Iran stack physical paper currency and stablecoins rather than relying on a single payment rail. Read →
- Trade-based money laundering bypasses banking rails entirely by transferring purchasing power through physical goods, commodities, and misinvoiced shipments. Read →
- European value-added tax (VAT) carousel fraud siphons an estimated €50 billion out of public treasuries every single year. Read →