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re: Too much money to Launder?
Posted on 3/3/22 at 8:55 am to Methuselah
Posted on 3/3/22 at 8:55 am to Methuselah
quote:
it was someone who had money from the robbery of a bank or something like that. The worry was that the serial number of the money was tracked. The casino situation would seem to work for that unless they tracked the money they received to the customer.
I'm not a bank robber, but if I stole a million dollars from a bank, rolling into a casino, where they have camreras and very detailed records, and dropping a pile of money in the amount of $1M on the counter asking for chips would seem like a really dumb idea.
0
Posted on 3/3/22 at 8:57 am to Weekend Warrior79
quote:
showing it as income from your new sales side hustle?
This is the hard part (aka the "laundering"). What is the side hustle and how do you make it look like legitimate money that can stand up to scrutiny from the govt?
Posted on 3/3/22 at 8:58 am to Napoleon
quote:
I was told the best front by far and the most common locally is the art gallery.
Help me understand how this would work. People keep saying it.
Posted on 3/3/22 at 9:05 am to Havoc
quote:
You could bury it somewhere, take up a treasure hunting hobby, go out with your metal detector and "find" it.
Seems like an excellent idea.
You know the IRS taxes treasure right. See Cesarini v. U.S.
Posted on 3/3/22 at 9:09 am to Havoc
Money orders and prepaid credit cards would help.
IDK... Not a problem I expect to have.
IDK... Not a problem I expect to have.
Posted on 3/3/22 at 9:11 am to Triple Bogey
This could work, but crawfish is cyclical, so you aren't cleaning money for a large part of the year. I guess you could also do crab, shrimp, and other seafood in the offseason.
Posted on 3/3/22 at 9:12 am to Chucktown_Badger
quote:
Help me understand how this would work. People keep saying it.
A lot of this depends on your relationship with your bank. If you have a legit business and your bank knows you, you could get away with a lot of large cash deposits. Most of this in the U.S. depends on someone having some stature in the community and a long-standing relationship with his bank.
So I have an art gallery, I sell a painting of a dog turd for $500k cash, the bank knows me, doesn't say anything, even if they do who is going to criticize my dog shite painting sale - it's art. Then I gift you $250k and we're all good - maybe I just think you're cute and want to take care of you.
Some of you would be amazed at the crap people slide by with. Law enforcement is really not that on top of stuff these days. And the IRS is demoralized, underfunded and understaffed. These are not the Al Capone days.
This post was edited on 3/3/22 at 9:19 am
Posted on 3/3/22 at 9:16 am to Chucktown_Badger
quote:
What is the side hustle and how do you make it look like legitimate money that can stand up to scrutiny from the govt?
That would depend on the person and their background. Is it a one time windfall, or regular stream. And, how much you're trying to record.
Crafty people can do art, wood working; accountants can do write up/consultant work; no idea how those MLM scams work with inventory, but record better sales. There would be a certain %age over your actual sales/services you could claim and keep it from raising too many flags with other gov't agencies.
Of course, you'd have to be patient and strategic; but I'm sure that's where people get caught.
I do laugh at the just pay cash for everything like groceries, eat out, buying clothes, other services... So, when you get audited and IRS pulls bank and credit card statements, they'll just overlook the fact that you never eat and or shop?
This post was edited on 3/3/22 at 9:18 am
Posted on 3/3/22 at 9:18 am to BorrisMart
quote:
You know the IRS taxes treasure right. See Cesarini v. U.S.
People laundering money aren't trying to avoid paying taxes. They're trying to avoid going to jail for the reason they have it in the first place.
Posted on 3/3/22 at 9:20 am to Chucktown_Badger
Right - like someone posted earlier - some of you just don't understand money laundering.
Posted on 3/3/22 at 9:21 am to Havoc
Would most certainly give you the answers to everything but I do not want get arrested.
Posted on 3/3/22 at 9:21 am to Bard
quote:
*I have no idea if this would actually work but it sounds good
Bookmarked.
Posted on 3/3/22 at 9:21 am to Weekend Warrior79
quote:
I do laugh at the just pay cash for everything like groceries, eat out, buying clothes, other services... So, when you get audited and IRS pulls bank and credit card statements, they'll just overlook the fact that you never eat and or shop?
Not happening right now. The IRS lacks the resources and willpower to track these people down,
Posted on 3/3/22 at 9:22 am to cable
quote:
A lot of this depends on your relationship with your bank. If you have a legit business and your bank knows you, you could get away with a lot of large cash deposits. Most of this in the U.S. depends on someone having some stature in the community and a long-standing relationship with his bank.
I highly doubt this, and there's a reason there are federal laws regarding deposits. Not to mention, you need a reason to be in possession of that much cash to deposit it. If you could simply deposit it in a bank with no scrutiny or repercussions there would be no need to launder it.
quote:
So I have an art gallery, I sell a painting of a dog turd for $500k cash, the bank knows me, doesn't say anything, even if they do who is going to criticize my dog shite painting sale - it's art. Then I gift you $250k and we're all good - maybe I just think you're cute and want to take care of you.
So you're giving me $500k of your dirty money and I turn around and give it to you for a terrible painting? How was I able to buy your painting with $500k in cash? Where did I get the money?
Posted on 3/3/22 at 9:23 am to cable
quote:
like someone posted earlier - some of you just don't understand money laundering.
That was also me
Posted on 3/3/22 at 9:23 am to Weekend Warrior79
quote:
So, when you get audited and IRS pulls bank and credit card statements, they'll just overlook the fact that you never eat and or shop?
The idea is to avoid scrutiny altogether. If you're doing something illegal and they look hard enough, they'll find it. If you look like a small fish not worth their attention, you can get away with it.
Posted on 3/3/22 at 9:25 am to The Spleen
quote:
Cash shows up when they x-Ray your bags at the airport. I had $2,000 cash in an envelope in my carry on when I flew to Vegas and I got harassed by TSA. They were nice about it and not suspicious, but I’d imagine a larger amount would trigger deeper questioning.
It's not illegal to walk around with $10k in your pocket. Would be dumb, but there's nothing wrong with it.
I saw some mexican pull out a wad of cash out of his pocket to walk through the security scanners at the airport. He had thousands of dollars in this wad easily. No one said anything. They simply told him to take it out his pocket and hold it as he walked through.
and all you idiots saying go to a casino and "walk around". You think they just assume you won at the casino? You do realize that there are cameras watching everything you do? You do realize when you win certain amounts, you are taxed on it right then and there. You do realize also that if you win enough over the year, you have to report those earnings? Now no one is making you report that, but if the IRS asked where this money came from and you said the casino, then you're going to get fricked b/c you can't hide the truth on that one. You either won it or you didn't, b/c there's video evidence if you did or didn't.
If it's enough money, you rent a private jet and fly to the Cayman's.
If it's not, keep it at home in a safe place or two or three, and spend it on normal things, pay some mexicans cash to remodel something, get a pool, and just deposit some chunks from time to time. so what if you deposited $10k into your account. I've been saving it for a trip and deposited it to go on vacation, now mind your fricking business.
Posted on 3/3/22 at 9:27 am to Chucktown_Badger
quote:
People laundering money aren't trying to avoid paying taxes. They're trying to avoid going to jail for the reason they have it in the first place.
We have a self-reporting system. "ANY income from WHATEVER source derived" is taxed. The point of money laundering is to be able to use your money and avoid IRS scrutiny, which leads to criminal investigation, which leads to criminal tax penalties and normal criminal penalties stemming from the crime that produced the money.
The smart people have lawyers that run it through tax shelters that haven't been closed by Congress yet. You sell drugs, you are expected to file, if not and you get caught up in it, they're going to not only send you to jail for selling drugs but also for tax evasion. Then come the criminal tax penalties that have been accruing and basically doubling in percentages over however many years you weren't filing on that income.
Posted on 3/3/22 at 9:28 am to cable
quote:
Some of you would be amazed at the crap people slide by with. Law enforcement is really not that on top of stuff these days. And the IRS is demoralized, underfunded and understaffed. These are not the Al Capone days.
Plus, at least on the actual taxation side, there's no real advantage to breaking a money laundering ring. The government is getting taxes paid it normally wouldn't expect to get them from (aka black market).
Posted on 3/3/22 at 9:28 am to cable
quote:
Not happening right now. The IRS lacks the resources and willpower to track these people down,
Right now. But, once they get the resources back they will be able to peel back and look 3 years back. Once they find something, they can then peel back further.
You also have to factor in the human nature aspect. After they are able to get away with something for awhile, they will then try to push the envelope a little, then when that works they push a little more, then a little more....
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