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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
by 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.