4 ms·

This doesn't really detail any money laundering scheme. This is just how to access scammed money. Simply cashing out a large deposit of tether isn't laundering

This doesn't really detail any money laundering scheme. This is just how to access scammed money. Simply cashing out a large deposit of tether isn't laundering money. You still need a legitimate way to explain how you earned the money for it to be considered laundered. Although I'm not sure it matters in Cambodia, for 3rd world country scammers the challenge is just getting the money at all. In my area people launder through AirBnb. Put a nice listing up, then have a 3rd party "rent" it with cash purchased AirBnB gift cards. You get a very clean 10-99. AirBnb does minimal validation on guests, and their gift cards are "closed loop" so no AML / KYC regulations at the grocery store. Not much incentive to stop it, AirBnB and state / local governments all get a nice cut.

fc417fc802 2y ago
The obvious potential issue is that the data on the AirBnB side looks sketchy as hell if anyone ever actually looks at it. Nearly all guests via gift card, nearly all those gift cards purchased locally (presumably) at only a few locations (presumably). But I guess they don't have any incentive to be proactive.
- hattmall 2y ago
  Yeah the other easy one is "recording studio". It's $1500 an hour to rent our laptop and midi keyboard. And also, the music you recorded here is pretty good so we will sign you and advance you back 80% of your studio fee. Now you can show income to finance a Dodge charger.
SideburnsOfDoom 2y ago
> This doesn't really detail any money laundering scheme Yes, there are reasons to avoid providing a detailed manual on the exact workings of a successful large-scale money-laundering scheme. For the same reason why an article wouldn't explain exactly how to e.g. make explosives or cook meth at scale. You can always find out if you try, of course. But NYTimes level journalism does hesitate to explain those details.
- hattmall 2y ago
  It doesn't even really allude to money laundering though.
xhkkffbf 2y ago
Yes, I was disappointed by the article too. It used "money laundering" and "scamming" pretty much interchangeably. But there's a difference. It needs to have a clean origin and this article doesn't describe how that comes into being.
FireBeyond 2y ago
Turo is a good mechanism for this too. Around my area there are dozens of mid range cars, most prevalently the Chrysler 300C, that are "available" to rent for $600/day. Not that you can find availability, even if you wanted to rent that car at that rate... Dealer gives trusted client money to rent their car (spoiler: car keys never change hands). Client rents the car for extended periods. Dealer helpfully sends client starting and ending odometer pictures and such to close out the rental. Rinse, repeat.

fc417fc802 2y ago

The obvious potential issue is that the data on the AirBnB side looks sketchy as hell if anyone ever actually looks at it. Nearly all guests via gift card, nearly all those gift cards purchased locally (presumably) at only a few locations (presumably). But I guess they don't have any incentive to be proactive.

hattmall 2y ago
Yeah the other easy one is "recording studio". It's $1500 an hour to rent our laptop and midi keyboard. And also, the music you recorded here is pretty good so we will sign you and advance you back 80% of your studio fee. Now you can show income to finance a Dodge charger.

SideburnsOfDoom 2y ago

> This doesn't really detail any money laundering scheme Yes, there are reasons to avoid providing a detailed manual on the exact workings of a successful large-scale money-laundering scheme. For the same reason why an article wouldn't explain exactly how to e.g. make explosives or cook meth at scale. You can always find out if you try, of course. But NYTimes level journalism does hesitate to explain those details.

hattmall 2y ago
It doesn't even really allude to money laundering though.

xhkkffbf 2y ago

Yes, I was disappointed by the article too. It used "money laundering" and "scamming" pretty much interchangeably. But there's a difference. It needs to have a clean origin and this article doesn't describe how that comes into being.

FireBeyond 2y ago

Turo is a good mechanism for this too. Around my area there are dozens of mid range cars, most prevalently the Chrysler 300C, that are "available" to rent for $600/day. Not that you can find availability, even if you wanted to rent that car at that rate... Dealer gives trusted client money to rent their car (spoiler: car keys never change hands). Client rents the car for extended periods. Dealer helpfully sends client starting and ending odometer pictures and such to close out the rental. Rinse, repeat.