Questions tagged [money-laundering]

Disguising the illegal source of money.

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2answers
133 views

On the legality of replacing international transfers with intranational ones

Here is a fictional story based on this question. Andrey is a Russian programmer residing in Germany who makes regular wire transfers to his father, Boris, who resides in Russia. Chris & Dasha, a ...
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2answers
139 views

Legality of Chaumian e-cash

In the 1980s, David Chaum, a cryptographer, came up with micropayment system that would achieve cryptographic transaction privacy. Later, in the 1990s, he attempted to build this system, but it did ...
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0answers
17 views

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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2answers
131 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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3answers
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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77 views

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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2answers
157 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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1answer
113 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
61 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 ...
8
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1answer
3k 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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1answer
156 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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3answers
2k views

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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2answers
223 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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1answer
275 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
209 views

Cash deposits and money laundering in the UK

In the United Kingdom (UK), the Financial Conduct Authority (FCA) requires that banks have "adequate policies and procedures sufficient to counter the risk that they might be used to further ...
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1answer
125 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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1answer
195 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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1answer
143 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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1answer
72 views

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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1answer
206 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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1answer
259 views

In Germany, is there a reward for reporting possible tax fraudsters or money launderers to the authorities?

I could well be wrong and I don't want to go into specifics here, but... Let's assume I know of a business that in reality generates a few hundred thousand euros in revenue and yet shows a P+L with ...
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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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3answers
623 views

Borrowing from a relative or friend without documentary evidence — is it 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 ...