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MStant1
LSU Fan
New York, NY and Houston, TX
Member since Sep 2010
4357 posts
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re: Let's talk money laundering
quote:

A bank isn't required to report SINGLE deposits of less than 10k.

Multiple large deposits of less than $10k each absolutely run the risk as getting flagged by the bank's computers as suspicious transactions and reported.


Correct. Structuring cash is probably one of the easiest things to catch.

I saw that one poster said to deposit $8K every couple of weeks; however, eventually that will raise some flags through the bank's transaction monitoring systems as $8K in cash every two weeks would be highly unusual for most people.

The only way you might be able to pull this off is accounts across dozens of credit unions and small community banks, and even then you would have to space your deposits out by quite a bit to not raise any red flags.

While it is true that a single deposit of $10K or less does not require a CTR filing with FinCEN, keep in mind that large cash transactions by individuals are unusual in 2018. Therefore while you may not have to file a CTR, the bank may still file a suspicious activity (SAR) report with FinCEN due to the high cash deposit. Although a one time $8K in cash likely won't cause this, if you do $8K every couple of weeks, then they likely will file a SAR on you.


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

re: Let's talk money laundering
quote:

I'm sticking with my snowcone and concession stand at festivals.



Would have to sell a lot of $4.00 snowcones and a lot of popcorn and nachos to launder $20MM using that method.


TigerstuckinMS
LSU Fan
Member since Nov 2005
16540 posts

re: Let's talk money laundering
Yeah. Don't want to get caught. Slow and steady!

In a couple of years, I'm using the proceeds from the snowcone stand to open up a nail salon.

That's when the big bucks get washed!
This post was edited on 12/6 at 3:45 pm


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

re: Let's talk money laundering
quote:

Yeah. Don't want to get caught. Slow and steady!

In a couple of years, I'm using the proceeds from the snowcone stand to open up a nail salon.

That's when the big bucks get washed!


Fair enough, but would probably need several nail salons to begin making a dent into things. Keep in mind you have to actually semi run these businesses, have people on payroll (unless you plan to get into human trafficking), buy supplies, etc.


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hottub
Member since Dec 2012
457 posts

re: Let's talk money laundering
quote:

If you had 100 people that "fake-gave" $100 every Sunday, that's only 10k a week....and if audited, you'd have to justify that.


That’s 520k a year. You can live a very lavish life with the unclean money and justify the lifestyle with this kinda income...... very hard to prove small donations...... the point isn’t to clean it all, just enough to not raise any flags


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

re: Let's talk money laundering
quote:


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.



Do some research on Al Capone and then figure out why you'd want to pay taxes on dirty money.


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blueboxer1119
LSU Fan
Baton Rouge
Member since May 2013
1060 posts

re: Let's talk money laundering
quote:

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.





Or (Animal Kingdom) you let people live rent free and coach them on what they pay in the event someone asks... While you're using cash to buy money orders for the "rent deposits"..

I watch too much television.


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Vestigial Morgan
Member since Apr 2016
329 posts

re: Let's talk money laundering
Two words

Mattress Firm


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Cheese Grits
Villanova Fan
Wherever I lay my hat is my home
Member since Apr 2012
33253 posts

re: Let's talk money laundering
Drop your 20 million in the washing machine and set it to gentle. Just don't add bleach.


IllegalPete
USA Fan
Front Range
Member since Oct 2017
4901 posts

re: Let's talk money laundering
Buy a laundromat, car wash, and food truck in the Permian (all on the same property) You will bring in $3k-$5k daily in cash.

As for how to do the actual money laundering I don't know, but with that much legit cash pouring in you have a lot of cover.
This post was edited on 12/6 at 9:30 pm


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RingLeader
LSU Fan
Slidell, LA
Member since Jan 2007
819 posts

re: Let's talk money laundering
Most rich folks use charitable/family foundations to launder their money. Just ask the Clintons.


BayouCatFan
Arizona Fan
Port St Lucie, FL
Member since Jul 2008
1235 posts

re: Let's talk money laundering
This is what you do. Start a local free magazine covering any topic you want. Make up fake advertisers that pay $400 - $500 a month per quarter page ad. Say you have 60 fake advertisers. You can put $24000 - $30000 into your bank account per month. Less printing costs and distribution, gives you an on paper profit of about $15000 - $20000.

Then you do this in every decent sized city in the south. 70 different cities at $15000 to $20000 per month is $1050000 - $1400000 washed money. That amount times 12 and you have $12600000 - $1680000 income per year.

It would take a couple years to develop but after its all set up you would have $13 to $17 million per year.
This post was edited on 12/6 at 9:50 pm


Robin Masters
Alabama Fan
Birmingham
Member since Jul 2010
14905 posts

re: Let's talk money laundering
You set up a business that requires no inventory. Pool hall, carnival ride, arcade, ect. However many people come in just add some zeros. No inventory to purchase (which would yield a traceable indication of sales volume) so no way for govt to track actual sales.
“Yes mr taxman, 10000 kids came in this week and spent 100 each.” Boom $1000000 reported, taxed and now clean.


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

re: Let's talk money laundering
quote:

You set up a business that requires no inventory. Pool hall, carnival ride, arcade, ect. However many people come in just add some zeros. No inventory to purchase (which would yield a traceable indication of sales volume) so no way for govt to track actual sales.
“Yes mr taxman, 10000 kids came in this week and spent 100 each.” Boom $1000000 reported, taxed and now clean.


You’ll get caught. By your bank. Chances are your bank has legit businesses of those types as customers already. As such, if your similar businesses are bringing in significantly more money than your competitors then you’ll raise all sorts of red flags at your bank who will them report you.


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shmashmortion
LSU Fan
Member since Feb 2011
246 posts

re: Let's talk money laundering
I think your best bet is to grease the pockets of shady politicians. They will likely provide cover to you and let you in on the ways of other criminals who are also laundering money. As long as the policitians are getting their beaks wet, they’ll make sure you are in the right direction.

Also using debt as a guise is also a good strategy (like someone mentioned with real estate). If you can run some legitimate businesses, show that they perform well by padding transactions (or fake transactions) then borrowing against the businesses to purchase more assets. If you are leveraged to hell, have a ton of businesses and/or properties, larger cash transactions will not look as suspicious as it would for a random guy who periodically deposits cash with no idea attached to it. Hide in plain sight. Become a known “businessman”, take care of some politicians and have businesses that “perform” above average, but not impossibly well.

It is likely a lot of work and I’d think in the long run you have much more shot between getting caught by the illegal action that is making you money and the laundering. So I think you could get away with a lump sum of dirty money, but continually it would become hard.

I’m sure there are people who know how to successfully get away with laundering. We only hear about the people who failed at it.


Cheese Grits
Villanova Fan
Wherever I lay my hat is my home
Member since Apr 2012
33253 posts

re: Let's talk money laundering
The 10,000 cash reporting act set up back around the Reagan administration is much more invasive than it used to be. I have been flagged for way less including a refund check by the US Treasury for around 2,500. Tellers are more invasive and question things often as litter as a few hundred dollars. Even tho it was a US Treasuryt check they kept asking me where I got it and what its was for. Had a bunch of small bills another time I wanted to exchange for nice new 100 dollar bills (500 dollars total) and the teller kept asking me where I got it. All I wanted to do was give it to some workers as a bonus at Christmas.


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

re: Let's talk money laundering
quote:

I think real estate is a good one. You have to have the proven income to purchase a house,


Not if you buy on a contract carried by the owner.

Lots of those available and they aren't all dumps.


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PearlJam
Auburn Fan
NotBeardEaves
Member since Aug 2014
10131 posts
 Online 

re: Let's talk money laundering
quote:

It helps because you pay $10 cash for steak and lobster and the money launderer puts $30 cash in on his own.
You've still got to pay for the steak and lobster and overhead of the restaurant. Running a restaurant at a loss may allow you to launder the money, but you are going to lose it in the process of cleaning it.

The only way this scenario works is if the restaurant is actually serving a cheap product very cheap, but ringing it up as an expensive product. Even then, it only works if the customer pays in cash.
This post was edited on 12/7 at 7:54 am


engvol
Tennessee Fan
england
Member since Sep 2009
4302 posts

re: Let's talk money laundering
Gambling is going to become an option

Bet $1100 one side
$1100 the other

You lose the juice around 9% but it’s not taxable atleast it’s not in the U.K.


Pectus
New Orleans Saints Fan
Internet
Member since Apr 2010
65374 posts

re: Let's talk money laundering
quote:

deposit it from those ATM that accept cash deposits so you don't have to talk to a teller.



Do you realize how many times you would have to do this?


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