Can you help me understand this Accounting question?

Please watch the video link about Alex Tapscott: The Blockchain Revolution – Talks at GS

It’s about 7:48 minute

https://www.youtube.com/watch?v=n71d30xahyo

The USA Patriot Act has made old techniques like domestic Shell Banks a nonissue. Offshore banks are still an issue because an international jurisdiction can dictate the laws.

Money Laundering traditionally occurs in 3 steps:

1. Money is deposited in a bank or financial institution.
2. Layering the transactions by making complex transfers attempting to kill the audit trail.
3. Getting the money back into the legitimate money supply.

These steps are not necessarily in that order.

Not all money laundering (ML) is illegal in a particular jurisdiction. For example: within the past 5 years or so offshore banks were accepting cash deposits from depositors, including American citizens not really caring the about the source of the funds, issue a debit card (i.e. VISA), and allowed charges from the card to go against the account. The Internet allows money to be transferred from one location to another without the use of a bank and with anonymity.Cash businesses are a perfect parking space for laundered money. To be cleaned: tax should be paid. The Classic cleaner of money is a casino. Simply buy chips hold and cash them.

Considering the ML techniques in the discussion reading “Ring Around the White Collar” and the video on Bitcoin & Block chain technology: explain the differences and commonalities between the past and present ML environment. Discuss & examine the good and bad of block chain technology in the process. Provide examples.