Money laundering is any activity that tries to convert the proceeds of crime into legitimate money. Tim Bennett explains how you can avoid getting caught up in it.
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I am so confused already watched breaking bad. Literally just so confused, so you invest your dirty money (1 Million) into a business and then later on take back 750,000 but when the law catches up with you "where did you originally get this 750,000 or 1 Million dollars from, what the hell do you say
If I was a big time drug dealer and made millions of dollars I'd just buy a shit ton of gold and bury most of it in a hole under my house 🏡 and dig it up when I need it and trade it for other assets I want
Safwan Nizam There's no lower limit, but if someone sells 5 bags of marijuana for $100.00 each just one time, it's unlikely to attract attention if he deposits that into his checking account, because he can claim he won $500.00 on a lottery ticket. If that person sells marijuana regularly and has $75,000 after two years, it will attract attention if he tries to deposit it into his account in one transaction.
You never answered point 2: How is money (equal to Spanish GDP) "lost" to money laundering?
Also, is there a difference between Hot Money and Dirty Money? It seems like you're mixing metaphors. Dirty money should be laundered. Hot money should be cooled.
Laws and more laws will simply create more incentives to crack the system, why? Every barrier to a human being, is a challenge to be taken and a wall to be shattered. Stupid socialists , god knows when will they ever use their grey cells
If I had a credit card and used it to purchase a high valued item (H) to then resell the item (H) at a much higher price to pay back my credit plus make a little extra, in the sense of making money off Credit. Is this Money Laundering or illegal?
Well if I was a money launder I would get give money to a homeless in return to to give me back 70% of the money back. But I would also not just give money to a builders contractor but other businesses since mostly every business can have individuals as small contractors. But I'm pretty sure crime has thought these ideas and everything here has been outdated. Hahah well hope the the law can at least keep up with crime. I do hope ppl stop being dependent on stuff not just drugs or crimes but things like food water and power. Alot of ropes and laws get bypassed in those areas too. Ahh I wish shit was more simple and less destructive and even less on individual agendas. This worlds is becoming huge with more ppl it sucks we have dividing lines, free speech gets a bad rep and usually stuff spoken there never gets done
+likahmac I don't think giving money to the homeless is a good idea, they have no credentials and there is no guarantee you will get anything back from them. Of course we act on self-serving agendas, it's in our nature to be selfish. Good example: would your save a stranger if it meant killing yourself? Most people would say no, and that's completely normal. It is when that selfishness becomes more offensive than defensive that issues occur.
It gets worse however, when the big banks like HSBC actively seek money from crime, skimming 20% to turn it into respectable money in a safe account! This bunch of crooks were recently fined $1.92Bn in the US; they also featured in the series "Homeland" as a conduit for delivering Saudi money into Terrorist support resources in the middle east. HSBC is known as "The World's Local Laundry"!
could someone explain something to me please? i have heard alot of people say that you have to invest in assets to clean your money,but if you invest in assets such as property then that in itself is an expenditure of large amounts of money and surely that initial investment can be investigated? it seems like you're screwed before you start to me or am i wrong? please let me know
Did you watch the video? It explains that it is hard/impossible to hide the origin of the money. Therefore money laundering is a very risky business. The process of "layering" is when the launderer tries to conceal the origin of the money by different money transactions. Then he tells the example of the eurobonds, as a target of launderers. Really you just have to watch the video, it's all explained in it.
that makes sense, lol i just was thinking that if a person were to start buying houses but on the books they have no income they're be flagged instantly. But you could start a small business and intentionally declare small profits at the beginning, then increase dramatically. i hope i have the right idea, thanks for explaining that :)
I think it depends on the type of asset. A business for example that you do not have to be the sole proprietor of. Make said business look profitable and eventually spread your money elsewhere. Of course when I say this I'm only speculating using from what I was able to understand in the video. But it should be an asset that won't attract alot of attention right away from the SEC or the IRS
This guy is wasting time with a poor explanation. Usually money laundering is done to hide illegal income or avoid taxes. In case of illegal income e.g drugs trade, the money is in hard cash. The person involved in this trade needs to spend his money on buying assets, and living it up, and he cannot always use cash - especially if the amounts are huge. So this cash needs to be brought into the banking cycle (placement). This is the reason most main street banks have restrictions on cash deposits - in older days it was easier. So this cash is generally flown off to a tax haven, which has banks that do not ask difficult questions. Hence the need for tax havens - there are literally a supermarket of tax havens to choose from. The cash is deposited into a cooperative bank at a tax haven, who has corresponding banking relations with main street banks. For purpose of transfer to a main street bank, the person enters into a fictitious transaction or even a genuine purchase under an different name or company. Now he has a legitimate asset in a jurisdiction he needs the money. He can sell the asset and use the proceeds for other activities as the person needs (layering and integration). Often the assets purchased are financial assets, eg bonds, shares etc. as these are easily sale able without need for rerouting the money. This is done several ways each time. One of the best example was money laundering where the US government was involved in funding the Israeli war. So US air force bought aluminum bottles filled with gas from Israel. It paid for the gas and returned the aluminum bottles, but just let out a little gas before returning the bottles. This way the same bottles were paid for, with very little gas being spent, over and over and over again!
Benjamin Fonseka So if I live in London, and I do drug dealing in Columbia, and put the money in Saudi Arabia, how can I then buy a flash car and house in the UK, if I left the UK 2 years ago as someone who was barely surviving, and now I have millions?
+Steve Veasey 2bn of loan guarantees is not money. its to guarantee loans. Second, 2bn is nothing. That kind of money Israeli business give as individuals. Look at the GDP of Israel from 1980's to now. During the 80's diamonds made up almost 40% of Israeli GDP - thanks to Oppenhiemers and Rothschilds. and where did all those diamonds end up? Tiffany other retailers in USA.
No the real support of US is the technology transfer to Israel, which is what China is currently hacking USA for and, which the Israeli's get for free, worth many many billions - look at Israeli GDP now, a big chunk is due to tech related companies, a complete turn around in 3 decades.
However, since the discussion was around money laundering the above points did not feature (though diamonds are a major way of laundering money)
Of course they give money openly, its called Loan Guarantees. 2 billion dollars a year gets approved by congress, the Israelis never pay the money back and the debts are 'forgiven' so it is money for nothing.
I think you didn't get the point. Dirty money is basically money that cannot easily be spent because it's from a crime. For example if I robbed a bank and would get off with say 1 million dollars then I couldn't just deposit that money on my bank account. My bank would immediately notify the police and I would be screwed. But I can turn my dirty money into clean money by opening up a business and thus disguising the inital source of the money (the bank robbery). You cannot launder money by driving down the highway :)
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Correction: I remembered "14 years, Coutts & Co. and Spain's GDP" because of your visuals. And 4: With serious topics, cut the humour. "Can anyone guess what 14 yrs . . . I'm stuck in this little video room and you're out there). 5: Get professionals (not friends) to tell you what to cut and what to put in a Movies go thru many edits before they're released.
Thanks for the good info and here are some suggestions. 1: It's way to long and repetitive. Try to do the whole thing in half the time. 2: More show, less tell. A picture's worth 1000 words, so use a few charts etc. (I remove red the "14 years, Coutts & Co. and Spain's GDP") 3: KIS (Keep It Simple). ie; "Robert De Niro was in great movie called 'Heat' where the money launders blew up a van full of Euro bonds'. Don't say "This isn't a video trying to sell you a movie".Many Thx 4 the info!
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