3 ms·

I think the user suggests that the money never change owner, it just becomes laundered. For example. If you get money in some illegal way and need to launder i

I think the user suggests that the money never change owner, it just becomes laundered. For example. If you get money in some illegal way and need to launder it. You can use it as a "customer" at your own coffee house and pay a ridiculous amount for a latte. The money then goes to the bank and become laundered. That is how money laundering work afaik.

ProfessorLayton 7y ago
Cash-based businesses tend to be under higher scrutiny for money laundering. For example, a laundry mat may also have its water bills audited etc. to make sure their costs correspond with their income. Laundering money at scale is actually a pretty big nuisance, unless you have and evil bank like HSBC to assist you [1] [1] https://en.wikipedia.org/wiki/HSBC#Money_laundering_(2003,_2010,_2012_and_2015) https://en.wikipedia.org/wiki/HSBC#Money_laundering_(2003,_2...
- markdown 7y ago
  > laundry mat Not to be that guy, but it's laundromat.
- CryptoPunk 7y ago
  >>Laundering money at scale is actually a pretty big nuisance A nuisance but not one that will stop criminal enterprises which tend to have extremely high profit margins. Society gives up a lot freedom in the quest to stop illicit cash from circulating. It necessarily requires making all financial transactions subject to formulaic 'suspicious transaction' reporting requirements, which is a form of warrantless mass-surveillance.