According to the United States Department of Treasury, the term money laundering “refers to financial transactions in which criminals, including terrorist organizations, attempt to disguise the proceeds, sources or nature of their illicit activities. Money laundering facilitates a broad range of serious underlying criminal offenses and ultimately threatens the integrity of the financial system.”
There are three phases to money laundering. First, an organization or person acquires money through criminal activities. To hide the source of the money, it is moved through multiple transactions, forms or investments — called layering. This makes it close to impossible to track down the source.
Often layering involves using shell companies or holding companies that control multiple businesses.
According to corporationfinanceinstitue.com, “Shell companies are businesses that have large amounts of financing but are not directly involved in any specific business enterprise selling goods or services.”
After the money has been moved sufficiently, it is available for the criminal to use without fear.
The famous gangster Al Capone is who we can thank for giving us the term “money laundering.” Capone utilized a chain of laundromats — a cash-only business — that he legally owned to hide the profits from his other enterprises.
On May 10, James Comer, Chairman of the House Oversight Committee, released a 36-page report with evidence of money laundering by the Biden family.
The report accuses the Biden family of earning millions of dollars while Joe Biden was Vice-President of the United States from Chinese and Romanian companies.
Bank records, subpoenaed by the committee, show over $10 million flowing through over 20 different shell companies and LLCs before reaching their final destination — over nine Biden family members, including Hunter Biden, James Biden and his wife Sara, Beau Biden’s widow, Hallie, Hunter’s ex-wife Kathleen Buhle, Hunter’s current wife Melissa Cohen and two more children of President Joe Biden and his brother.
Comer referenced at a press conference that one of Biden’s grandchildren was also wired money, “We’re talking about grandchild — a grandchild. That’s odd, most people that work hard every day’s grandchild doesn’t get a wire from a foreign national.”
According to the report, one deal for over $1 million involved 16 different wire transfers run through five different bank accounts before eventually ending up in Biden hands.
Also, at the presser, Comer pointed out that this evidence uncovers a consistent lie from President Biden that his family didn’t receive money from China. “Instead of being honest with the American people, President Biden has claimed since the 2020 election that his family has not received money from China. That was a lie in 2020 and he continues to lie to the American people now,” Comer told reporters.
On Oct. 22, 2020, during a presidential debate, when asked about Hunter’s business dealings, Biden said, “My son has not made money in terms of this thing about, what are you talking about, China. I have not had—The only guy who made money from China is this guy [Donald Trump]. He’s the only one. Nobody else has made money from China.”
Biden denied China payments again on March 17, one week after the committee released its report. When confronted by a journalist Biden said, “That’s not true.”
On page 2 of the report the Oversight Committee accuses the Biden’s of even using companies from their business associates to hide the transactions. “After foreign companies sent money to business associates’ companies, the Biden family received incremental payments over time to different bank accounts. These complicated financial transactions appear to conceal the source of the funds and reduce the conspicuousness of the total amounts made into the Biden bank accounts.”
There could be legitimate reasons for members of the Biden family earning this money. But if there are, why the hidden and multiple transactions? Also, if it is on the up and up, why deny receiving the funds?
The House Oversight Committee has shown us evidence that the Biden family may have been selling influence to foreign governments for decades. That is exactly why Democrats impeached President Donald Trump.
