The Roman Emperor Vespasian, we are told, put a tax on the use of the public toilets, and his son Titus objected. Vespasian had the treasurer go to the storehouse and bring back some coins, which had been washed on their receipt. It doesn't smell. Our customers bring us money.
Money is fungible.
By the time we see it, it doesn't smell. But the truth is that some money stinks. Congressional hearings this week focused on the problem of money laundering. Russian thieves can be sure of keeping the money only if they can get it out of the country, and for that they need a bank account abroad, denominated in a foreign currency. For Russians, the easiest way to own a bank account abroad is to own a bank in Russia or have friends who owned a bank in Russia.