3 ms·

Very easy to launder 20M Be a promotor or promotion company, sell VIP tables at big event or music festival for 20,000 euro each, 9 out of 10 clients don’t sho

Very easy to launder 20M Be a promotor or promotion company, sell VIP tables at big event or music festival for 20,000 euro each, 9 out of 10 clients don’t show up (because they don’t exist and you made them up) Do it all summer, our economy is big enough to support this Your money is now clean from selling VIP tables Deposit cash, pay taxes, move on

jknoepfler 2y ago
So the suggestion is that uh... the former fraud chief of the Spanish police... become a highly connected event promotor... with access to high profile clients who will actually spend 20,000 euro for a concert ticket... which we inexplicably demand and receive IN CASH... in exchange for VIP tables at high profile events that we magically have access to... while supplying 20,000 worth of services to the one VIP that did attend... and then repeat this how many times? While forging receipts for cash payments, which will sustain scrutiny from a cursory audit? Is there a missing /s? Like this is neither easy nor a plausible way to get away with financial fraud.
- yieldcrv 2y ago
  the answer was how to launder it, not how the fraud chief could launder it but either way, the answer is yes, and yes, and no sarcasm first, the investigation is never going to happen. but okay, lets play auditor the auditor is like “wow you paid your taxes on time and properly, but I hate that you have made money, so lets check the receipts” “hmmm, big cash, who are these clients?” “What!? you didn't do KYC on a transaction of 20,000 euro cash, 1,000 times!? ah but the parties were in Luxembourg and Austria and Monaco where such cash transaction limits don't exist, well Monaco’s is 30,000 euro per transaction, sorry for the inconvenience, on behalf of the King of Spain I apologize for our hubris in thinking this had anything to do with our ridiculous AML regime”
- dumah 2y ago
  “I ask: in case I ever get my hands on millions in cash, what is my plan for using it?” The question wasn’t how the Spanish Anti-Fraud chief would launder. A number of high-profile acts in the US have had managers convicted for this in connection with drug trafficking and other organized crime. It’s absolutely plausible. I’m not sure why you think a cursory audit would reveal that a cash receipt was forged.
- AshamedCaptain 2y ago
  The actual truth is not very far from this. He actually had a cab / private ride company. Most of his rides were fake.
  - yieldcrv 2y ago
    How did it go from that to cocaine bust? TAM?

jknoepfler 2y ago

So the suggestion is that uh... the former fraud chief of the Spanish police... become a highly connected event promotor... with access to high profile clients who will actually spend 20,000 euro for a concert ticket... which we inexplicably demand and receive IN CASH... in exchange for VIP tables at high profile events that we magically have access to... while supplying 20,000 worth of services to the one VIP that did attend... and then repeat this how many times? While forging receipts for cash payments, which will sustain scrutiny from a cursory audit? Is there a missing /s? Like this is neither easy nor a plausible way to get away with financial fraud.

yieldcrv 2y ago
the answer was how to launder it, not how the fraud chief could launder it but either way, the answer is yes, and yes, and no sarcasm first, the investigation is never going to happen. but okay, lets play auditor the auditor is like “wow you paid your taxes on time and properly, but I hate that you have made money, so lets check the receipts” “hmmm, big cash, who are these clients?” “What!? you didn't do KYC on a transaction of 20,000 euro cash, 1,000 times!? ah but the parties were in Luxembourg and Austria and Monaco where such cash transaction limits don't exist, well Monaco’s is 30,000 euro per transaction, sorry for the inconvenience, on behalf of the King of Spain I apologize for our hubris in thinking this had anything to do with our ridiculous AML regime”
dumah 2y ago
“I ask: in case I ever get my hands on millions in cash, what is my plan for using it?” The question wasn’t how the Spanish Anti-Fraud chief would launder. A number of high-profile acts in the US have had managers convicted for this in connection with drug trafficking and other organized crime. It’s absolutely plausible. I’m not sure why you think a cursory audit would reveal that a cash receipt was forged.
AshamedCaptain 2y ago
The actual truth is not very far from this. He actually had a cab / private ride company. Most of his rides were fake.
- yieldcrv 2y ago
  How did it go from that to cocaine bust? TAM?