Questions tagged [money-laundering]

Disguising the illegal source of money.

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48 views

What are the qualifications / assumed knowledge for an MLRO (Money Laundering Reporting Officer) in the UK?

The Financial Conduct Authority (FCA) requires crypto-asset businesses to appoint a money-laundering reporting compliance officer (United Kingdom). The MLRO is personally liable for breaches to the ...
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In Canada, is there a requirement of when a Money Services Business (MSB) and their client entity must enter into a service agreement?

I hope the question in the title lends itself to an answer. In case more clarification is required, please do not hesitate to comment below. Some background: In Canada, an MSB is required to verify ...
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125 views

Could you explain the concept of money laundering in simple terms?

launder 2 informal Conceal the origins of (money obtained illegally), typically by transfers involving foreign banks or legitimate businesses. (from here) Suppose, I have illegally obtained ...
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1k views

Is it legal to trade bitcoin for cash in Virginia, USA?

I was wondering if trading bitcoin for cash (for example payments on Apple Cash, Venmo or Zelle) is legal in Virginia (USA) or not. I would like to know before I start selling some of my bitcoins.
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Can an Australian freelancing platform refuse to pay money to the freelancer?

I was hired as a freelancer via an Australian freelancing platform, did the job and got money credited into my account. However, they suspected that my client made a fraudulent transaction and does ...
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153 views

Transferring Paypal money to sons friend

I said my son is in prison and his friend. My sons friend has a girlfriend that sends money alot to him and it has to be sent through an approved account so she sends it to me. And the friend has a ...
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UK Limited Company buying real estate in the UK

Alice is the sole director of ACME Limited, a UK limited company registered in England and Wales with a registered office as well as trading address close to Liverpool. Alice is an EU national who is ...
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1answer
109 views

Can I cashout 25 BTC without proof of provenance?

Back when Bitcoin was worth under 10 USD, a friend sent me 25 BTC as a gift. Since that time, I moved them around different wallets and don't believe I still have the original wallet where I received ...
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1answer
60 views

What is typically legality regarding a bitcoin 'cleaning' service?

I'd like to create a piece of software or service which takes someones bitcoin, goes through a process of 'cleaning' it (making it untraceable) and then returning it. Provided the purpose of the ...
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1answer
2k views

When does it become illegal to exchange bitcoin for cash?

I've read several "stings" and raids for running unlicensed money transfer businesses for people buying and selling bitcoin on localbitcoins. All of the articles are extremely vague and don't explain ...
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146 views

Legality of Virtual Currency to Purchase Real World Items

A while ago, I saw a company called Listia which would permit users to sign up and attain some amount of Credits. These Credits could then be used to purchase real-world items on the site, such as ...
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Is it tax fraud for an individual to declare non-taxable revenue as taxable income? (US tax laws)

Hypothetically, A wants to pay B a considerable amount of money. In order to reduce the paper trail, A pays me the money and I transfer it to B. To further obscure the paper trail, I declare the ...
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184 views

Why is Silk Road criminal but not LocalBitcoins?

How are the Localbitcoins.com founders safe from money laundering laws? LocalBitcoins says its purpose is to connect buyers and sellers. That legalese makes it escape criminal laws. What about Silk ...
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271 views

Are charities prevented from paying money to other charities?

I was recently a participant in a group study, in which there was an option for participants to donate the gratuity offered to a charity. However, I received a message from a researcher today saying ...
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1answer
160 views

Cash deposits and money laundering in the UK

The FCA(Financial Conduct Authority) in the UK requires banks to have "adequate policies and procedures sufficient to counter the risk that they might be used to further financial crime". There is ...
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122 views

If I pay someone to place a sports bet that wins, have I committed money laundering?

It is my understanding if a private individual sells a chip that is money laundering. Say I pay someone $100 to place a $10000 sports bet that wins. If it wins, I cash the ticket. Have I committed ...
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188 views

How are the Localbitcoins.com founders safe from money laundering laws?

There are lots of news regarding localbitcoins.com seller arrest against money laundering laws. I know it is seller or buyers responsibilities to follow their local AML laws. But how localbitcoins ...
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138 views

Are identifiable cryptocurrency miners helping crime?

Say there is a cryptocurrency whose issuers use electronic signatures issued by the government to prevent Sybil attacks (identity forging) to the voting mechanism when new currency units are created. ...
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If all the money that comes in and out of my account are by means of cheques and credit cards, can I still commit money laundering?

If I'm not mistaken, paper trail is proof of innocence.
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200 views

How does the Bank Secrecy Act affect normal law-abiding citizens?

The Bank Secrecy Act of 1970 was designed to detect money laundering by organized criminals. Among other things, it requires banks to report large currency transactions in excess of $10,000 to the ...
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200 views

German tax fraud / money laundering - Is there reward for identifying?

I could well be wrong and I don't want to go into specifics here, but lets assume I know of a business that in reality generates a few hundred thousand euro in revenue and yet shows a P+L with revenue ...
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1answer
5k views

Making bad movies as money laundering scheme?

There is this youtube channel called I Hate Everything in which, among other things, this youtuber reviews Imdb's 100 lowest ranked movies in search for the worst movie: https://www.youtube.com/...
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567 views

Is borrowing money laundering?

Suppose a person borrows money from a relative or friend, say, 10 million USD, without documentary evidence — the transaction is purely based on trust and cultural norms. If the borrower invests the ...