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re: Let's talk money laundering
Posted on 12/8/18 at 2:19 pm to Bjorn Cyborg
Posted on 12/8/18 at 2:19 pm to Bjorn Cyborg
quote:
How would you handle 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.
I am just glad to know there are people out there that fantasize about the same things I do. Women and Cash!
The question you posed is actually two part. 1) avoid taxes 2) turn to legit money.
Turning to legit money is much easier than not paying taxes because eventually with that much money you are going to get reported to the IRS. You cant hide it unless you just bury it or out in safe deposit boxes. The undocumented means of support and riches is what took down the Cocaine syndicates.
The only way to get off scott free is renounce your citizenship and ship the money offshore into safe havens.
0
Posted on 12/8/18 at 3:04 pm to VADawg
quote:
I would get several safe deposit boxes and spread the money around
This is also illegal
So is going 5 over the speed limit but I'm still going to do it and get away with it.
Posted on 12/8/18 at 3:07 pm to Bjorn Cyborg
Open a tanning salon. It is extremely easy to launder money with such a business.
Posted on 12/8/18 at 4:36 pm to ELLSSUU
quote:
Unless the finder found the $20 million dollars in ones and quarters (ridiculously impossible) you'd be in jail. Think about how many laundromats, pool halls, food trucks, carnival rides and arcades make their transactions in hundred dollar bills. None. So you'd need to exchange those bills for smaller more plausible denominations. Where do you think that's going to happen? Yep, the bank. Good luck!A lot of people in this thread would be in jail with the quickness.
What? Think about how many businesses record what denominations they accept their payments in.
That’s definitely not an issue. You aren’t as smart as you think you are.
Posted on 12/8/18 at 5:07 pm to ELLSSUU
quote:
There are DEFINITE Federal Requirements to report deposits less than 10K.
Link? CTR requirements are greater than 10K in cash deposits or withdrawals. Unless you’re talking about suspicious cash transactions (in which a SAR would be filed) or cash transactions that appear to be done in a manner to purposely avoid the CTR threshold (i.e., structuring) (in which a SAR and a CTR would be filled), then there is no reporting requirement for cash less than 10K.
Posted on 12/8/18 at 5:09 pm to WaWaWeeWa
quote:
What? Think about how many businesses record what denominations they accept their payments in. That’s definitely not an issue. You aren’t as smart as you think you are.
I think he’s meaning that someone from the bank would eventually notice and find it odd that an arcade is depositing a ton of 100’s instead of small bills as would be expected.
Posted on 12/8/18 at 5:28 pm to MStant1
There’s a million ways around that. His claim that that’s why you would be in jail in laughable.
Not to mention, how many people who need to launder money have only hundreds? Do people buy drugs in only hundreds?
Not to mention, how many people who need to launder money have only hundreds? Do people buy drugs in only hundreds?
Posted on 12/8/18 at 5:31 pm to Bjorn Cyborg
Not hard at all. A few days ago, I’d left a 20 in my slacks and washed it.
It’s clean now.
It’s clean now.
Posted on 12/8/18 at 6:00 pm to Tempratt
quote:
Not hard at all. A few days ago, I’d left a 20 in my slacks and washed it.
It’s clean now.
That joke definitely hasn’t been done in 9 pages.
I still don’t have a clear idea what to do with this $20 mil.
Posted on 12/8/18 at 6:04 pm to WaWaWeeWa
quote:
What? Think about how many businesses record what denominations they accept their payments in. That’s definitely not an issue. You aren’t as smart as you think you are.
Uhm, yeah well I'm tested 4 times a year for this topic. I've been significantly responsible for prosecuted launders. One case was the EXACT scenario posted as a way of successfully laundering. Did not work out for that guy.
It's safe to say I'm fluent and as smart as I think I am on this subject.
So yeah WaWaWeeWa there you go......
This post was edited on 12/8/18 at 6:23 pm
Posted on 12/8/18 at 6:07 pm to tigerinthebueche
quote:
You don't sell weanlings
Generally not but guy made that his niche.
He is probably around 80 now but if you spent any time in the thoroughbred business you probably know who I am talking about. You are right tho on sticking to a laundromat or car wash. 20 million in todays racing world can disappear quick as most of the hardbooter's are collecting social security or taking the dirt nap.
Posted on 12/8/18 at 6:08 pm to ELLSSUU
Some of this stuff like tracking how much soap and water you used (for a car wash) or how much liquor you sold (for a bar) seem like things that could be used as evidence, but are not definitive and wouldn’t be enough for prosecution without some type of smoking gun.
Posted on 12/8/18 at 6:26 pm to Bjorn Cyborg
and you'd be correct. Initial suspicion leads to eventual smoking guns.
No link required. SARS are part of the BSA Requirement. Transaction Aggregate Value isn't necessarily the key.
quote:
Link? CTR requirements are greater than 10K in cash deposits or withdrawals. Unless you’re talking about suspicious cash transactions (in which a SAR would be filed) or cash transactions that appear to be done in a manner to purposely avoid the CTR threshold (i.e., structuring) (in which a SAR and a CTR would be filled), then there is no reporting requirement for cash less than 10K.
No link required. SARS are part of the BSA Requirement. Transaction Aggregate Value isn't necessarily the key.
This post was edited on 12/8/18 at 7:01 pm
Posted on 12/8/18 at 6:57 pm to ELLSSUU
quote:
So yeah WaWaWeeWa there you go......
What do you think you proved?
Congrats on being a bank teller, we are all really impressed with your accomplishment
This post was edited on 12/8/18 at 6:59 pm
Posted on 12/8/18 at 7:01 pm to ELLSSUU
My point is.... of the entire list of things that makes successfully laundering money difficult, having only hundreds seems like one of the least important
You can easily use the hundreds to pay for the legit expenses of the front company. Why do you think the only place to get rid of hundreds is a bank?
You can easily use the hundreds to pay for the legit expenses of the front company. Why do you think the only place to get rid of hundreds is a bank?
Posted on 12/8/18 at 7:02 pm to WaWaWeeWa
quote:
Congrats on being a bank teller, we are all really impressed with your accomplishment
Haha WaWa. I don't work for a Bank. They are only tested annually, btw.
quote:
You can easily use the hundreds to pay for the legit expenses of the front company. Why do you think the only place to get rid of hundreds is a bank?
Guess what that supplier is going to do with the cash? I won't argue this laundering point anymore. Obviously you've got this under control and I'm naive on the subject......
This post was edited on 12/8/18 at 7:14 pm
Posted on 12/8/18 at 7:35 pm to ELLSSUU
quote:
No link required. SARS are part of the BSA Requirement. Transaction Aggregate Value isn't necessarily the key.
I think we’re basically saying the same thing. My post even mentioned the exclusion of suspicious activity.
I could quibble with one thing you said regarding there not necessarily being an aggregate value threshold for SARs. Outside of insider abuse (which a SAR is required in any amount) there are specific SAR thresholds for known suspects ($5,000) and unknown suspects ($25,000). Of course, a financial institution can choose to file at lower thresholds (and I’m guessing that’s what you meant).
Are you law enforcement or a consultant?
Posted on 12/8/18 at 8:46 pm to Cheese Grits
quote:
guy made that his niche.
Fair enough. I know there’s always the exception. I just think anything equine related is better for showing a loss or needing a write off
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