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This doesn't seem to be a case of money laundering, but credit card fraud. Thanks for the share!
by noeltock 14y ago
This doesn't seem to be a case of money laundering, but credit card fraud. Thanks for the share!
- pyre 14y agoIt's both. Gittip is 'laundering' the money, so that it's clean on the other side. It's not the greatest money laundering scheme as the launderer is unwitting, and therefore can 'flip' exposing the source of the ill-gotten gains.
- noeltock 14y agoNegative. The layering stage of ML does indeed lead to "cleaning" funds, but Gittip isn't doing that. ML means giving money a clean-slate with virtually no history. Everything from casinos, offshore entities, to wiring funds through FATF blacklisted countries will be closer to what ML actually is.
- whit537 14y agoRight. https://en.wikipedia.org/wiki/Money_laundering https://en.wikipedia.org/wiki/Money_laundering I changed the blog post and GitHub issue to not refer to money laundering anymore.