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re: Too much money to Launder?
Posted on 3/3/22 at 11:04 am to Epic Cajun
Posted on 3/3/22 at 11:04 am to Epic Cajun
quote:
Right, but if I'm not doing anything to draw attention to myself, what is the likelihood that I get caught in a random IRS audit?
That's just it. As I mentioned in another response, the person who does it 1-2 times most likely would never get a second look by the IRS; unless it's a ridiculous one time amount. It would be the person that is trying to spread it out over a number of years, or has an illegal business that is trying to hide the cash. At first they would be fine, but human nature would eventually kick in and cause them to grow impatient, get a little more risky, acquire a few more luxuries...
1
Posted on 3/3/22 at 11:08 am to BorrisMart
quote:
Basically, if you are laundering money (in an individual or business capacity) you will likely eventually get caught. There have been many smart people who have concocted all sorts of plans over the past 100 or so years and traditional "money laundering" activity will likely not go unnoticed.
I have no way to verify this, but I’d guess most of the ones that get caught either get too greedy or slip up and make a mistake that brings it all down. Both situations likely arise from complacency after getting away with it for a while. Short term money laundering is relatively easy, especially in small amounts. Long term money laundering is much more difficult and takes an extreme amount of discipline.
Just think of all the small-time, local drug dealers and bookies out there. Most of them launder at least a small amount of the cash they get and never get caught.
Posted on 3/3/22 at 11:13 am to Chucktown_Badger
There’s bitcoin ATMs. You can straight to them.
Posted on 3/3/22 at 11:15 am to Weekend Warrior79
quote:
That's just it. As I mentioned in another response, the person who does it 1-2 times most likely would never get a second look by the IRS; unless it's a ridiculous one time amount. It would be the person that is trying to spread it out over a number of years, or has an illegal business that is trying to hide the cash. At first they would be fine, but human nature would eventually kick in and cause them to grow impatient, get a little more risky, acquire a few more luxuries...
In the scenario that I was referring to, you would just be living off of cash, and saving all of your earnings from your job. Could still use some of those earnings for expenses. You would be essentially washing the money by replacing it with your income that is being deposited in the bank. Just pay cash for every visit to the grocery store, restaurant, bar, etc... You could also do a bit of other things with the cash without drawing attention, renovations (contractors like dealing in cash), interiors such as expensive furniture that could be flipped later if needed. Maybe even things like luxury watches that have such an inflated value on the secondary market.
Posted on 3/3/22 at 11:27 am to Bruco
quote:
But most importantly, it appears private art dealers have no duties under anti money laundering laws to even verify the buyer exists and it can be purchased anonymously.
This was my reasoning for listing art galleries.
They are buying art. There is no reason for me to see their driver's license or verify anything about them other than if the money i am depositing into my business bank account is not counterfeit.
As for the storage units, the "empty" units would be paying me a quarterly or annual cash lease (thus the laundering). A unit owner who leases a unit can have it full. Or empty. They have the right of usage at any moment of time. They also have a right of privacy. There is limited capacity to launder. But after so many years, a 2nd and 3rd facility could be opened. For large sums, patience is obviously key to not getting caught.
Once enough money is legally "earned", buy an apartment complex. Again, vacant units can have a lease and cash flow.
Posted on 3/3/22 at 11:50 am to cable
quote:
and the car wash bullshite from breaking bad - the IRS will come in and check their water usage
How hard it is to just leave a water hose running around the clock
Posted on 3/3/22 at 12:10 pm to Havoc
Open a bar.
Purchase more alcohol than needed.
Inflate daily sales by about 50%.
Dump the "inflated" alcohol down the drain.
Purchase more alcohol than needed.
Inflate daily sales by about 50%.
Dump the "inflated" alcohol down the drain.
Posted on 3/3/22 at 12:10 pm to SpeedyNacho
quote:Wouldn't this be easily auditable? Unless you mean all of the "purchasers" were anonymous and you were making all the "purchases" yourself.
Sell art, or if your under 25 sell NFT. Easy laundering
Posted on 3/3/22 at 12:29 pm to WildManGoose
quote:
Wouldn't this be easily auditable? Unless you mean all of the "purchasers" were anonymous and you were making all the "purchases" yourself.
You show receipts for cash purchases and deposits matching receipts. Audit clears.
Posted on 3/3/22 at 12:49 pm to meansonny
Posted on 3/3/22 at 12:54 pm to deeprig9
A long time ago, i worked with someone who owned a bbq joint.
He typed up a fresh cash register receipt each night. We didnt know if his receipts were higher or lower than the actual receipts (he would regularly just grab a stack of cash out of the register without counting it).
He also owned a golf ball manufacturing plant. I can only imagine what those books looked like.
He typed up a fresh cash register receipt each night. We didnt know if his receipts were higher or lower than the actual receipts (he would regularly just grab a stack of cash out of the register without counting it).
He also owned a golf ball manufacturing plant. I can only imagine what those books looked like.
Posted on 3/3/22 at 1:30 pm to meansonny
quote:
You show receipts for cash purchases and deposits matching receipts. Audit clears.
But it won’t answer the question of where the cash made for the purchase came from, which is the whole point of money laundering - to clean money that was obtained illegally.
Posted on 3/3/22 at 1:46 pm to Havoc
I'm admitting to having no clue about this from an IRS perspective, but...
Bitcoin ATMs can deposit up to $25k per day, so I don't see any issue being able to somewhat quickly get a shite ton of money transferred into BTC.
From there if I then have a record on Coinbase or whatever of withdrawing the BTC, and going through the remaining legal process of claiming the money as crypto gains, where do I get "caught" if you will?
I'd have to prove to the IRS where I got the initial money? Again, noob questions but if I just say I can't prove it or if I say I bought 1000 BTC 10 years ago when it was like $5 for a BTC(but have no proof) what specifically happens? Or what charges do I come up against?
Bitcoin ATMs can deposit up to $25k per day, so I don't see any issue being able to somewhat quickly get a shite ton of money transferred into BTC.
From there if I then have a record on Coinbase or whatever of withdrawing the BTC, and going through the remaining legal process of claiming the money as crypto gains, where do I get "caught" if you will?
I'd have to prove to the IRS where I got the initial money? Again, noob questions but if I just say I can't prove it or if I say I bought 1000 BTC 10 years ago when it was like $5 for a BTC(but have no proof) what specifically happens? Or what charges do I come up against?
Posted on 3/3/22 at 2:03 pm to Havoc
quote:
Yeah, I think. Not sure of the trackability from purchase to use. Maybe in certain increments
The Iran Contra deal used traveller checks I think to move money around.
Posted on 3/3/22 at 2:15 pm to meansonny
Back in the 70's and 80's I DID launder drug money and it was simple as long as you kept ALL transactions under the 10k mark. I also bought numerous properties in CASH and had no problem with IRS until I got busted for drugs. I ended up settling with them for pennies on the dollar (thanks Ed Porsche). People are too afraid of the IRS and they are usually the bottom of the barrel of accountants. Today, though with better computing I would assume it would be harder. After 12 years away, that cured me.
Posted on 3/3/22 at 3:17 pm to Jcorye1
Need a picture of your wife before I answer.
Posted on 3/3/22 at 3:18 pm to Napoleon
Has anyone mentioned starting an Only Fans yet?
Its a 'business' you start with no money required, and you can do some weird foot fetish thing so you don't have to go full nude mode publicly ...
Create a few fake accounts, get some burner phones and visa gift cards to start... Start a text string for documentation with your superfans where their gifts escalate to the point where they're sending you cash and other expensive goods you can buy and then flip.
When you claim the gifts as taxable income @ the end of the year, an IRS agent will shut up real quick when you tell them you got $25k for sending some creep a pic of your butt crack or dirty bath water...
profit/
Its a 'business' you start with no money required, and you can do some weird foot fetish thing so you don't have to go full nude mode publicly ...
Create a few fake accounts, get some burner phones and visa gift cards to start... Start a text string for documentation with your superfans where their gifts escalate to the point where they're sending you cash and other expensive goods you can buy and then flip.
When you claim the gifts as taxable income @ the end of the year, an IRS agent will shut up real quick when you tell them you got $25k for sending some creep a pic of your butt crack or dirty bath water...
profit/
Posted on 3/3/22 at 3:23 pm to Havoc
Great place to launder money is at race track, especially numbered cash. At a track the tellers have a tray, cash comes in as fast as it goes out. Ur money would be on 200 other people's hands in 10 minutes. U can buy horswa for 10 to 20k, ship them to smaller track and run them for 7 to 10 k. Trainers will claim them, u. Now made that money. Good. Cali. Trainer bought a shite load of horses from Cali and Arizona, and laundered them at hawthorn race track in Chicago. He as running the twenty claimers for 5 to 6 thousand and Chicago trainers were claiming them asap. His dirty money was now clean.
Posted on 3/3/22 at 3:34 pm to SeeeeK
In this whole thread I still don't see a better way than walking $9500 into a casino, taking chips, having a drink, play some blackjack, cash out $9000, and reporting it as gambling winnings, paying your tax rate, and having clean money thereafter.
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