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you still have to do the actual laundering at some point. just because you have $200 million now in monero (which you also need to get to first) doesn't mean yo
by artdigital 2y ago
you still have to do the actual laundering at some point. just because you have $200 million now in monero (which you also need to get to first) doesn't mean you can just transfer them to your bank account. exchanges will KYC you for that, and you will definitely get flagged for a source of wealth / source of funds check to prove where you got it from
- vernon99 2y agoFor $200m yes, but you’d be really stupid trying to do it all at once. Small amounts, multiple accounts, gradually over time.
- bitcoinmoney 2y agoIt's really easy. Use casinos in 3rd world countries to certify your money as gambling winnings. There must be underground network for this. So it looks like you're gambling and you got lucky. Very dangerous though. I heard that they charge 13% total fee. You come in at 5M$. You play for 1 week.. Leave with 160M or something. Bring that cash into the bank and deposit it.
- Loughla 2y agoHow to turn monero or Bitcoin into cash, I think is the hardest part. Laundering it after that is, in fact, easier. But the first problem still isn't solved with your statement I think.
- snypox 2y agoAren’t you supposed to show proofs of winning 160m when depositing into a bank? Even for just a few millions?
- immibis 2y agoAnd a shady third world casino will happily provide that proof document in return for a 13% cut of your winnings.
- snypox 2y agoI still think you’d get under an investigation (at least from the tax authorities, but I can imagine police too) after years of years consistently depositing millions of wins in your bank account.
- n_ary 2y agoI do not think shady people put their loot in bank. Most illicit activities and tax avoiding folks rely heavily on cash or other expensive exchangeable goods(rolex/jewellery/gems/gold bars/gold watches etc).
- deleted 2y ago[deleted]