What is money laundering ?
- Thread starter edro
- Start date
"I cannot believe what a bunch of losers we are. We're looking up "money laundering" in the dictionary!"
Money laundering is breaking the links between the source of the money and you. Example - you just robbed a bank, casino, corner store, etc. You've got a few thousand or million in marked bills. What you do is take it to a respectable money launderer (heavily armed and armoured of course) who will give you sixty to seventy cents on the dollar for the money and redistribute it throughout the area/country/world. You keep the 60-70% that you get of "clean" money and walk away.
- M4H
- M4H
Originally posted by: Deeko
watch office space
Hmmm... I haven't seen that for 2 weeks... what's money laundering...
*good excuse to watch OS again!*
And here I figured RossMAN would come in with a Hot Deal on a money-launderer who gave a whopping 75 cents on the dollar.
- M4H
- M4H
RossMAN
Grand Nagus
- Feb 24, 2000
- 78,866
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Originally posted by: MercenaryForHire
And here I figured RossMAN would come in with a Hot Deal on a money-launderer who gave a whopping 75 cents on the dollar.
- M4H
Actually I deal with money laundering, OFAC, and dozens of other bank regulations on a daily basis, it's my job
Another reason you may need to launder money is if you end up with massive amounts of cash flow (marked or unmarked). Unless you start living on a cash only basis, it is tough to keep large sums of cash off the radar of the IRS. You can launder the money yourself by setting up a puppet business. Take a yard service, for example. Since these services often operate on a cash basis, you can funnel your money through the business by making up fake transactions. You must have some real customers though, in case you are audited. You could do tons of work for friends and family that wasn't real. The money is declared as income, and your business pays the taxes on it. The source of the money is concelled, and you can use it without fear of being caught by the government.
The problem with having massive amounts of cash is that people get really stupid. They live lifestyles way, way beyond the lifestyle they could lead legally, and this draws the attention of the government. If I was sitting on even 1 million dollars, the temptation would be to buy a new house, a new car, etc. However, the wise thing to do would be to launder the money through a business I created, such as a computer consulting business.
Ryan
The problem with having massive amounts of cash is that people get really stupid. They live lifestyles way, way beyond the lifestyle they could lead legally, and this draws the attention of the government. If I was sitting on even 1 million dollars, the temptation would be to buy a new house, a new car, etc. However, the wise thing to do would be to launder the money through a business I created, such as a computer consulting business.
Ryan
Originally posted by: RossMAN
Originally posted by: MercenaryForHire
And here I figured RossMAN would come in with a Hot Deal on a money-launderer who gave a whopping 75 cents on the dollar.
- M4H
Actually I deal with money laundering, OFAC, and dozens of other bank regulations on a daily basis, it's my job
So ... ummm ... I've got this ... uh ... friend ... with a lot of cash. It was all obtained ... umm ... legally of course. Yes, legally. Cash payment for ... erm ... "services rendered".
Where should he take it?
- M4H
I just thought of a great real-world example...
An example of laundering scheme would be a person who sold marijuana for a living who also had a lawn service on the side. This person could accept cash, checks, or even credit cards for the marijuana and write receipts for lawn or landscaping services (cutting the grass). They may also want to run a home cleaning service for their customers who don't have a lawn to keep up. The cleaning crew show up, delivers the weed, maybe cleans the apartment while they are there, and writes a fake receipt for services rendered.
Ryan
An example of laundering scheme would be a person who sold marijuana for a living who also had a lawn service on the side. This person could accept cash, checks, or even credit cards for the marijuana and write receipts for lawn or landscaping services (cutting the grass). They may also want to run a home cleaning service for their customers who don't have a lawn to keep up. The cleaning crew show up, delivers the weed, maybe cleans the apartment while they are there, and writes a fake receipt for services rendered.
Ryan
*massive amounts* is a relative term...
If you find $300,000 in a paper bag in the street (that happened about a year ago here in Dallas, was lost drug money) and are stupid enough to turn it over to the cops (who will then keep it), you can deal with that amount of cash reasonably easy if you're not stupid about it.
Don't deposit too much at once, keep it below five figures (banks automaticly report deposits over $10,000 to the government).
Mixup the money, don't leave the bills in the same order you got them in. If the money is even remotly drug related, wash it first (it isn't wood pulp, it is cotton pulp, it does wash a few times without being ruined).
This isn't rocket science, it just requires someone who isn't stupid or greedy...
It is amazingly hard to live on a cash basis in the United States and have a decent standard of living.
Hopper
That is the problem Hopper... people tend to be both stupid and greedy. I could probably deal with $300,000 in cash w/o getting caught. Then again, I would probably launder it through a small side business.
Ryan
RossMAN
Grand Nagus
- Feb 24, 2000
- 78,866
- 367
- 136
Originally posted by: MercenaryForHire
Originally posted by: RossMAN
Originally posted by: MercenaryForHire
And here I figured RossMAN would come in with a Hot Deal on a money-launderer who gave a whopping 75 cents on the dollar.
- M4H
Actually I deal with money laundering, OFAC, and dozens of other bank regulations on a daily basis, it's my job
So ... ummm ... I've got this ... uh ... friend ... with a lot of cash. It was all obtained ... umm ... legally of course. Yes, legally. Cash payment for ... erm ... "services rendered".
Where should he take it?
- M4H
He should deposit his obtained cash in amounts under $9,999 (to avoid filing a Currency Transaction Report) at his local bank(s).
Money laundering is basically to make illegally obtained money and make it all legal so Big Brother or the IRS doesn't come knocking at your door wondering how you financed a New Ferrari when you are working at the local McDonalds. Get it? Got it? Good.
It isn't rocket science!
Just take up to 90 grand into the local United States Post Office and buy money orders. Got more than 90 grand? Go to another PO. No identification is needed. No paperwork goes to the IRS. CLEAN!
The USPS is the largest money launderer in the world.
Just take up to 90 grand into the local United States Post Office and buy money orders. Got more than 90 grand? Go to another PO. No identification is needed. No paperwork goes to the IRS. CLEAN!
The USPS is the largest money launderer in the world.
i thought standard ways to launder money were to own a
pizza place
coin laundry
bar
restaurant
someplace that does the majority of it's business in cash
run the "illegal" cash through the legal company (as fake receipts), bingo - "clean" money
pizza place
coin laundry
bar
restaurant
someplace that does the majority of it's business in cash
run the "illegal" cash through the legal company (as fake receipts), bingo - "clean" money
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