How does money laundering work?

Question

please no wise cracks about washing machines etc!

Answer 1

Bestest way is betting shop, bet cash on all horses in race, use all bet shops in area, or bet on coarse. when horse win keep all bet slip, collect wins, that way you haf paperwork for cash, burn most lose slip, can get 60% of input stolen money back as kosher money wit paperwork.
Is hard work. Any way put in stole money get bak kosher money wil do, but any big amount stole money atract atension, by car deeler cash, sel privat 2 week later chek work as wel.

Answer 2

On the assumption that your interest is general: What is normally being talked about is the attempt to introduce illegally sourced money or to use money for an illegal process by pretending that it is a legitimate transaction. For example transferring money to somebody else making it look as if it is a payment for a business transaction or a legitimate investment from a legitimate source. If you are asking because somebody has asked you to pay some money for them or accept some money from them then yes misrepresenting the money would be money laundering and almost certainly a serious criminal offense that you may need to report. You may need to report even a suspicion and almost certainly need to if this is related to a work or official capacity. If there is deceit in banking transactions or in accounting records to conceal the source or destination or to misrepresent the transaction as legitimate then there is money laundering if the money was involved in illegal activity.

Answer 3

Usually money laundering is used to wash drug money although its used in many other cases whoever is laundering money got that money by some illegal means which is against the law some launderd money is used by terrorist group to fund terrorist activities this is why its bad

Answer 4

the purpose is to cover the trail of money to make it look legal, when it has been illegally earned. Like if you have a reguar job but live in a ten million dollar home, thats suspicious. What happens is you give money to a bank, then the bank gives you a loan but you don't actually pay it, but the bank makes it look like you do. there are many other things that the bank can do to make the monke look more legal.

Answer 5

Money used in crime transactions can be traced. Especially large sums of money.

Money used in crime is considered 'dirty' money.

Laundering the money is a way of trying to illiminate the traces.

Criminals will bury money into operating legitimate businesses that do not actually make a profit but finance the ongoing running of the business with dirty money. Then as the money is used in legitimate activities the moving money does not 'stand out' as criminal to investigators.

Answer 6

This is money laundering. I received this e-mail at another address, but none-the-less I opened it. It displayed the individuals name and 2 different email addresses, one where it was sent from and the other to reply to.

This is not a joke and I forwarded the e-mail to the proper authorities for investigation. I removed the names involved and the country because no one needs to know that. However, this is a money laundering operation. If you will notice, he does not ask for any money to do this, therefore I would be out nothing. This was just so that you know that foreign schemes are out there by the truckload. Hope this answered your question.

I am Mr. XXXXXXXXXXXXXX director of operations of the XXXX XXXXXXXXXXXXX. I have an obscured business proposal for you. Before the U.S and Iraqi war our client political party official and a business man XXXXXXXXXXXXXXXXX, made a numbered fixed deposit for 18 calendar months, value at Forty Four million Five Hundred Thousand United States Dollars, in my branch. Upon maturity several notices where sent to him, even during the war, which began in 2003. Again, after the war another notification was sent and still no response came from him. We later found out that XXXXXXXXXXXXXXXXX, his wife and only daughter had been killed during the war in a gun fire. http://www.iraqbodycount.net/names.htm After further investigation it was also discovered that XXXXXXXXXXXXXXXXX did not declare any next of kin in his official papers, including the paper work of his bank deposit. He also confided in me, the last time he was at my office, that no one except me knew of his deposit in my bank. So, Forty Four million Five Hundred Thousand United States Dollars is still lying in my bank, and no one will know of it. What bothers me most is that according to the laws of my country, at the expiration of 3 years and 6 months the funds will revert to the ownership of the XXXXXXXXXXXXX Government if nobody applies to claim the funds. Against this backdrop, my suggestion to you is that I will like you as a foreigner to stand as the next of kin to XXXXXXXXXXXXXXXXXX so that you will be able to receive his funds. WHAT IS TO BE DONE: I want you to know that I have everything carefully planned. I have contacted an attorney that will prepare the necessary documents that will back you up as the next of kin to XXXXXXXXXXXXXXXXX. All that is required from you at this stage is to provide me with your Full Names and Address so that the attorney can commence his job. I will use my position to influence the move of the funds. After you have been made the next of kin, the attorney will file for claims on your behalf, and secure the necessary approval and letter of probate in your favor, for the move of the funds to an account that will be provided by you. There is no risk involved at all in this matter, as we are going to adopt a legalized method and the attorney will prepare all the necessary documents. Please endeavor to observe utmost discretion in all matters concerning this issue. Should you be interested please send me your full names, private phone/fax and current residential address and finally after that I shall provide you with more details of this operation. I prefer you to reach me with the below. Email: [e-mail] Your earliest response to this letter will be appreciated. Kind Regards,

Answer 7

its where "dirty" money is washed.... what does that mean well here is a quick and dirty:

Money laundrering usually occors when dirty(drug, extorsion or illegal ways to get money) gets put into a legit bussiness and is made looked like the legit bussines made the money when it really hasn't

Answer 8

You should see the movie Office Space. It's got some good information.

Answer 9

watch lethal weapon 2 Joe Pesci describes it perfectly.

Answer 10

its money transferred to various bank accounts....

or you could wash it!! ha ha ha