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kingbob
LSU Fan
Sorrento, LA
Member since Nov 2010
45561 posts

re: Let's talk money laundering
quote:

So in your example would the art purchaser pay 5 million while the dealer lists it at 10 million and mixed in his drug money? Or am I not understanding this?


Artist could be in on it or could just be an unwitting pawn. Art dealer is the drug dealer/trafficker. Art buyer is the drug buyer. The appraisers list the value at what they're told to list the value at.

Art is also used by wealthy people to shield income, cover losses, funnel money through charities through "donations", and facilitate bribes and kickbacks through "sales" of art.

It is rumored that because art doesn't receive the most rigorous of inspections when going through port facilities that "art" shipments are used as a cover for shipping all kinds of contraband.
This post was edited on 12/6 at 11:38 am


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30
Bjorn Cyborg
Member since Sep 2016
8409 posts

re: Let's talk money laundering
quote:

bogus charities


Starting a GoFundMe comes to mind.


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40
AUCE05
Atlanta Braves Fan
Member since Dec 2009
26373 posts

re: Let's talk money laundering
I would keep enough to live on and then convert it to BTC.


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Jcorye1
Detroit Mercy Fan
Tom Brady = GoAT
Member since Dec 2007
52157 posts
 Online 

re: Let's talk money laundering
In theory it's easy, in practice is extremely difficult. At some point there are just too many third party documents running around.


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The Cool No 9
New Orleans Saints Fan
Baton Rouge
Member since Jan 2014
5397 posts

re: Let's talk money laundering
Been binge watching Ozark baw


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10
OweO
LSU Fan
MOST POPULAR POSTER!
Member since Sep 2009
69380 posts

re: Let's talk money laundering
If you have $3M in cash and you are reporting that you are only making $60,000 a year. You have to live like you are only making $60,000 a year and then there is the risk of keeping $3M in cash.

If you are only reporting $60k and you live in a $400k house, own two luxury cars, etc, etc then you run the risk of putting yourself on the radar.

The key is to make sure you have the cash in an extremely safe place and live modest and don't spend it on things that will raise any questions.


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04
SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
360719 posts
 Online 

re: Let's talk money laundering
quote:

e it if you had a one-time windfall in cash that you didn't want to pay taxes on? For the sake of discussion, let's make it $20 million dollars.

professional poker player, but it would eat into your margins


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BiggerBear
Wright St. Fan
Redbone Country
Member since Sep 2011
1726 posts
 Online 

re: Let's talk money laundering
quote:

You have to go into it knowing you're going to still lose a cut to Uncle Sam. If you accept that, your life is much less stressful.


If you accept that, then why launder the money at all? Just deposit it in the bank, claim it as income and pay taxes on it.


SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
360719 posts
 Online 

re: Let's talk money laundering
the entire point of laundering is to "clean" the money so you can claim it as income

go deposit a dirty $1M into a bank and declare it as income and see if the government just ignores it


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60
someLSUdoosh
LSU Fan
Baton Rouge
Member since Oct 2016
679 posts

re: Let's talk money laundering
Couldnt you just really buy a bunch of ATMs, stuff them full of the "dirty" cash and get "clean" cash in your bank account?


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USA
Member since 2001
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deltaland
Mississippi St. Fan
Member since Mar 2011
44881 posts

re: Let's talk money laundering
Also a bank isn’t required to report deposits of less than 10k.

You can open up accounts at 5 different small banks and deposit 5-7 grand every couple weeks and it won’t be reported. This would work for amounts of 1-3 million. Large amounts it would be tough because of time and a massive change in lifestyle would draw red flags


LSU Wayne
LSU Fan
Walker
Member since Apr 2005
3844 posts

re: Let's talk money laundering


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30
LSUintheNW
LSU Fan
Here and there
Member since Aug 2009
29038 posts

re: Let's talk money laundering
quote:

Also a bank isn’t required to report deposits of less than 10k.


True.

quote:

You can open up accounts at 5 different small banks and deposit 5-7 grand every couple weeks and it won’t be reported


You can but I know someone whom was told the bank didn't want their business anymore. They opened up another account elsewhere and are now more careful.

Honestly, I wouldn't worry about laundering it. I would get several safe deposit boxes and spread the money around. In multiple states at that.

I would buy a few houses on contract in Florida and put money into them fixing them up and then rent them out.

Pay everything in cash and just have an awesome life doing nothing but fishing/hunting and traveling the country/world sightseeing, skiing, and fishing/hunting.



DVinBR
LSU Fan
Member since Jan 2013
4521 posts

re: Let's talk money laundering
quote:

Sweetheart, you have my money taped to your boobs, technically you do work for me.




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40
Thib-a-doe Tiger
LSU Fan
LaTour and in BRgetthenet's head
Member since Nov 2012
27350 posts

re: Let's talk money laundering
I haven’t seen one suggestion here yet that wouldn’t be easy as frick to discover


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10
DirtyMikeandtheBoys
LSU Fan
Member since May 2011
18197 posts

re: Let's talk money laundering
Run for congress. Open an election HQ/account. Receive "donations" to your election. Drop out of race before the vote.


Bjorn Cyborg
Member since Sep 2016
8409 posts

re: Let's talk money laundering
I think real estate is a good one. You have to have the proven income to purchase a house, but you could buy homes in poor condition, legitimately, pay to fix them up with cash, and then rent or sell them.


TigerstuckinMS
LSU Fan
Member since Nov 2005
16540 posts

re: Let's talk money laundering
quote:

Also a bank isn’t required to report deposits of less than 10k.

True, a bank must report transactions more than $10k, but that doesn't mean they don't report transactions less than $10k.

Walking into a bank and depositing $9,999 or making multiple large deposits of less than $10k both absolutely run the risk of getting flagged by the bank's computers as suspicious transactions and reported. Shit, if you never deposit cash and suddenly deposit a crisp hundo a week for 6 weeks straight, you might trigger a report to be filed. Anything that trips the computer's checks or gives a bank employee any reason to think something's strange can cause a report to be filed.

Whether or not the Feds act or follow up on any reported transactions is up to them.
This post was edited on 12/6 at 3:42 pm


MStant1
LSU Fan
New York, NY and Houston, TX
Member since Sep 2010
4357 posts
 Online 

re: Let's talk money laundering
quote:

How hard is it to launder money? It's a different issue if you have a constant stream of illegal money coming in (like the two movie/tv references above) but what if you just had a one-time large sum to deal with?

If it's a lower amount, say $3 million, you could safely just live on the cash paying daily expenses such as groceries, gas, etc., for years. Higher amounts become problematic.


One time amount isn't that difficult to launder - although that depends on the size. Using your example of $20MM would be more difficult if you wanted to launder it quickly.


The other thing to keep in mind is it also depends on what country you are trying to launder funds through. The US for example has fairly robust anti-money laundering (AML) regulations for the Banks that make it a little more difficult than most other countries.


There is actually a lot of public information on how to launder money - federal and state bank regulators and DOJ regularly release schemes that they have busted at various banks. A common scheme for laundering money includes setting up a shell company in an offshore location and use funds to perform a cash purchase of real estate as the real estate industry has lower AML regulations than the banks do (although make sure you pay attention to which US counties you purchase real estate in as FinCEN has specific Geographic Targeting Orders on certain US counties where the they have increased regulations on cash real estate purchases). Once you have the real estate, use it as collateral for a loan and put funds in various bank accounts (across multiple banks and jurisdictions). From there you can either begin developing the real estate you purchased or rent it out. Also for bonus point begin paying yourself a paycheck through the real estate as well (through the shell company you created). At that point you have essentially laundered your funds, and provided quite a bit of distance between the current state of the funds and its origin.

For more fun you can get more complicated through the use of cryptocurrencies, foreign exchange transactions, etc.




TigerstuckinMS
LSU Fan
Member since Nov 2005
16540 posts

re: Let's talk money laundering
I'm sticking with my snowcone and concession stand at festivals.


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