trichlone fiend
New Member
...btw, that's how you start a , "sole proprietorship", if you were to pick a " partnership" type of business, your in for a whole different deal. Stick with a sole proprietorship.
Money Laundering
- Thread starter IgrowBIGG
- Start date
stupidclown
Well-Known Member
I am the sole propietor of a small import company.
btw laundering money means paying taxes on it so you can have it with out the government getting you for tax evasion
btw laundering money means paying taxes on it so you can have it with out the government getting you for tax evasion
IgrowBIGG
Active Member
Yes, or three or four trustworth buyers who dont know about eachother
. Im beyond retail homie lbs n up i would never deal retail if u wanna b makin ne kinda real money in retail u got a huge chance of getting caught so many diff ways and variables. Wholesale is much better. Get rid of it all at one time and only make transactions a couple times a month. And if ur producin the super dank then everyone wants it
IgrowBIGG
Active Member
You can deposit up to either 5 or 10k into an account each month. Any more than that and the bank will look into your deposits and notify the gov of possible tax fraud. Now a good way to get around this, as i would do, is to have a bank account or two set up at several different banks. Maybe even under several different names. Private banks work better than generic ones such as BOA or Chase or somethin and, well if u do the math with 4 seperate bank accounts at 4 seperate banks at 5000 a month each you can deposit up to 20k a month in cash without being detected.
IgrowBIGG
Active Member
GREAT info man im not tryin to pay taxes tho or actually constantly run a business. Just grow my bud n put the cash away.
IgrowBIGG
Active Member
??? doesnt money laundering mean tht you do NOT pay taxes to the gov? and being able to deposit illegally earned cash without anyone questioning where it came from?
Bauks
Well-Known Member
From Wiki:
Money laundering is the process of changing large amounts of money obtained from crimes, such as drug trafficking, into origination from a legitimate source.[1] It is a crime in many jurisdictions with varying definitions. It is a key operation of the underground economy.
In US law it is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property.
In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office of the Comptroller of the Currency to mean any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting. In the UK, it does not even need to involve money, but any economic good. Courts involve money laundering committed by private individuals, drug dealers, businesses, corrupt officials, members of criminal organizations such as the Mafia, and even states.
As financial crime has become more complex, and "Financial Intelligence" (FININT) has become more recognized in combating international crime and terrorism, money laundering has become more prominent in political, economic, and legal debate. Money laundering is ipso facto illegal; the acts generating the money almost always are themselves criminal in some way (for if not, the money would not need to be laundered).
Modern development
Money laundering is not a crime invented during the Prohibition era in the United States, but techniques were developed and refined then[citation needed]. Many methods were devised to disguise the origins of money generated by the sale of illegal alcohol. After Al Capone's 1931 conviction for tax evasion, mobster Meyer Lansky transferred funds from Florida "Carpet Joints" to accounts overseas. After the 1934 Swiss Banking Act, which created the principle of bank secrecy, Lansky bought a Swiss bank into which he could transfer his illegal funds through a complex system of shell companies, holding companies, and offshore bank accounts.
In the post-World War II era, legislators found themselves in a quandary as they were confronted with a growing list of commercial, fiscal, and environmental offenses that did not actually cause direct harm to any one identifiable victim; there was no stinking corpse. They decided that confiscating the proceeds of crime would adequately deter potential criminals. Anxious to avoid confiscation, organized criminals now needed to give these huge sums of money not easily consumed or invested in the legal economy without raising eyebrows a patina of legitimacy: they needed to "launder" it. Money laundering has been dubbed the "Achilles heel of organized crime", for it compels mobsters to seek out and co-opt established businessmen and women with highly technical know-how and access to legal institutions like banks to launder their plunder.[2]
The term "money laundering" does not derive, as is often said, from Al Capone having used laundromats to hide ill-gotten gains. It is more likely to mean that dirty money is made clean. At some point in the process there must be a switch between the two; necessarily the art is to keep that switch hidden.[citation needed]
Meyer Lansky perfected a predecessor of money laundering, "capital flight," transferring his funds to Switzerland and other offshore places. The first reference to the term "money laundering" itself actually appears during the Watergate scandal. US President Richard Nixon's "Committee to Re-elect the President" moved dirty campaign contributions to Mexico, then brought the money back through a company in Miami. It was Britain's The Guardian newspaper that coined the term, referring to the process as "laundering." (See Jeffrey Robinson's three books on money laundering, The Laundrymen, The Merger and The Sink.)
Money may be laundered through a complex business network of shell companies and trusts based in tax havens. "Smurfing" is an example of a money laundering technique.
Examples
Cashing up
A business taking large amounts of small change each week (e.g. a convenience store) needs to deposit that money in a bank. If its deposits vary greatly for no obvious reason this can draw suspicion; but if the transactions are regular and roughly the same the suspicion is easily discounted. This is the basis of all money laundering, a track record of depositing clean money before slipping through dirty money.
In the United States, for example, cash transactions and deposits of more than $10,000 must be reported by the cashier (the bank etc) as "significant cash transactions" to the Financial Crimes Enforcement Network FinCEN, with any other suspicious financial activity identified as "suspicious activity reports" (SARs).
In other jurisdictions suspicion-based requirements may be placed on financial services employees and firms to report suspicious activity to the authorities.
Captive business
Another method is to start a business whose cash inflow cannot be monitored, and funnel the small change into it and pay taxes on it. But all bank employees are trained to be constantly on the lookout for transactions that seem to be trying to get around reporting requirements. To avoid suspicion, shell companies should deal directly with the public, perform some service (not provide physical goods), and have a business that reasonably would accept cash as a matter of course. Dealing directly with the public in cash gives a plausible reason for not having a record of customers.
For example, it is quite reasonable to think that a hairstylist is paid in cash and, even if she knows her customer's names, does not know their bank details. A record of a haircut must ostensibly be accepted as prima facie evidence. Service businesses have the advantage of the anonymity of resources but the disadvantage that they must deal in cash. A business that sells computers has to account for the computers, whereas the hairstylist does not have to produce the cut hair, but the receipt for the computer, even if inflated, exists that for the haircut probably does not. It is of course also possible to invent customers, purely for the purpose of accepting money from them.
Money laundering is the process of changing large amounts of money obtained from crimes, such as drug trafficking, into origination from a legitimate source.[1] It is a crime in many jurisdictions with varying definitions. It is a key operation of the underground economy.
In US law it is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property.
In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office of the Comptroller of the Currency to mean any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting. In the UK, it does not even need to involve money, but any economic good. Courts involve money laundering committed by private individuals, drug dealers, businesses, corrupt officials, members of criminal organizations such as the Mafia, and even states.
As financial crime has become more complex, and "Financial Intelligence" (FININT) has become more recognized in combating international crime and terrorism, money laundering has become more prominent in political, economic, and legal debate. Money laundering is ipso facto illegal; the acts generating the money almost always are themselves criminal in some way (for if not, the money would not need to be laundered).
Modern development
Money laundering is not a crime invented during the Prohibition era in the United States, but techniques were developed and refined then[citation needed]. Many methods were devised to disguise the origins of money generated by the sale of illegal alcohol. After Al Capone's 1931 conviction for tax evasion, mobster Meyer Lansky transferred funds from Florida "Carpet Joints" to accounts overseas. After the 1934 Swiss Banking Act, which created the principle of bank secrecy, Lansky bought a Swiss bank into which he could transfer his illegal funds through a complex system of shell companies, holding companies, and offshore bank accounts.
In the post-World War II era, legislators found themselves in a quandary as they were confronted with a growing list of commercial, fiscal, and environmental offenses that did not actually cause direct harm to any one identifiable victim; there was no stinking corpse. They decided that confiscating the proceeds of crime would adequately deter potential criminals. Anxious to avoid confiscation, organized criminals now needed to give these huge sums of money not easily consumed or invested in the legal economy without raising eyebrows a patina of legitimacy: they needed to "launder" it. Money laundering has been dubbed the "Achilles heel of organized crime", for it compels mobsters to seek out and co-opt established businessmen and women with highly technical know-how and access to legal institutions like banks to launder their plunder.[2]
The term "money laundering" does not derive, as is often said, from Al Capone having used laundromats to hide ill-gotten gains. It is more likely to mean that dirty money is made clean. At some point in the process there must be a switch between the two; necessarily the art is to keep that switch hidden.[citation needed]
Meyer Lansky perfected a predecessor of money laundering, "capital flight," transferring his funds to Switzerland and other offshore places. The first reference to the term "money laundering" itself actually appears during the Watergate scandal. US President Richard Nixon's "Committee to Re-elect the President" moved dirty campaign contributions to Mexico, then brought the money back through a company in Miami. It was Britain's The Guardian newspaper that coined the term, referring to the process as "laundering." (See Jeffrey Robinson's three books on money laundering, The Laundrymen, The Merger and The Sink.)
Money may be laundered through a complex business network of shell companies and trusts based in tax havens. "Smurfing" is an example of a money laundering technique.
Examples
Cashing up
A business taking large amounts of small change each week (e.g. a convenience store) needs to deposit that money in a bank. If its deposits vary greatly for no obvious reason this can draw suspicion; but if the transactions are regular and roughly the same the suspicion is easily discounted. This is the basis of all money laundering, a track record of depositing clean money before slipping through dirty money.
In the United States, for example, cash transactions and deposits of more than $10,000 must be reported by the cashier (the bank etc) as "significant cash transactions" to the Financial Crimes Enforcement Network FinCEN, with any other suspicious financial activity identified as "suspicious activity reports" (SARs).
In other jurisdictions suspicion-based requirements may be placed on financial services employees and firms to report suspicious activity to the authorities.
Captive business
Another method is to start a business whose cash inflow cannot be monitored, and funnel the small change into it and pay taxes on it. But all bank employees are trained to be constantly on the lookout for transactions that seem to be trying to get around reporting requirements. To avoid suspicion, shell companies should deal directly with the public, perform some service (not provide physical goods), and have a business that reasonably would accept cash as a matter of course. Dealing directly with the public in cash gives a plausible reason for not having a record of customers.
For example, it is quite reasonable to think that a hairstylist is paid in cash and, even if she knows her customer's names, does not know their bank details. A record of a haircut must ostensibly be accepted as prima facie evidence. Service businesses have the advantage of the anonymity of resources but the disadvantage that they must deal in cash. A business that sells computers has to account for the computers, whereas the hairstylist does not have to produce the cut hair, but the receipt for the computer, even if inflated, exists that for the haircut probably does not. It is of course also possible to invent customers, purely for the purpose of accepting money from them.
ironicchronic
Member
You cant just grow weed and buy a ferarri. the only way to do it is to have a job. you can only spend as much as you make, otherwise the irs can demand to know where you got this money, and if u cant prove the source, they take it. I would never deposit 5 grand here and there.
pay everything in cash, and after a few years of working you should be clear to buy that ferrari. Or you could do somthing like trying an agreesive investment technique. you could lose alot of money but you could make alot of money legit quick.
if u dont pay taxes, the only thing your safe to buy is food and shit.
pay everything in cash, and after a few years of working you should be clear to buy that ferrari. Or you could do somthing like trying an agreesive investment technique. you could lose alot of money but you could make alot of money legit quick.
if u dont pay taxes, the only thing your safe to buy is food and shit.
stupidclown
Well-Known Member
the point of laundering money is to keep the gov off your back best way to do that is give them money
Sardonicus
Member
Ok ... lemme get this straight... you wanna legal up money to buy houses, cars and bling that requires loans from financial institutions, but pay little to no taxes? Sounds reasonable... Spend 65 Bucks... Online course... get Ordained as a Minister... Tax breaks galore and when you are doing your makers work who knows how much that costs and how much your "parish" donates...
Save some in a box and bury it for the "X Factor" - never know when ya gotta leave town or get a lawyer fast!
Save some in a box and bury it for the "X Factor" - never know when ya gotta leave town or get a lawyer fast!
EdGreyfox
Well-Known Member
Any business where you are providing a service or goods where the amount sold and prices charged can't be verified by anything but your paper receipts will work, but it needs to be a business that would realisticially be bringing in the amounts of money your talking about, and it would have to exist as more then just a paper business and serve at least some real customers to be an effective front operation.
Back in the 70's and 80's you could go out and buy a couple video game or pinball machines, put them in a local gas station, and you were pretty much set, but today you need to be a bit more creative. If you choose a front that actually sells a product keeping the inventory records straight so that they match both your purchase and sales receipts is going to be difficult- I would suggest you either avoid that type of business or choose one that does a lot of its buying at swap meets, yard sales, etc (like an antiques store) where there really isn't any way for anyone to verify the accuracy of your records. A hotdog cart might sound like a good idea, but if you say you have sales of 10K a week but only have $1k in purchases from hot dog suppliers people like me (I'm an accountant) are going to notice.
The ideal business is one where you provide a service, but one where the customers come to you and there isn't any way to verify how many you actually served. Something like a massage therapist would be perfect, but if you can't do that there are plenty of other things that would work with a bit of thought and imagination.
Back in the 70's and 80's you could go out and buy a couple video game or pinball machines, put them in a local gas station, and you were pretty much set, but today you need to be a bit more creative. If you choose a front that actually sells a product keeping the inventory records straight so that they match both your purchase and sales receipts is going to be difficult- I would suggest you either avoid that type of business or choose one that does a lot of its buying at swap meets, yard sales, etc (like an antiques store) where there really isn't any way for anyone to verify the accuracy of your records. A hotdog cart might sound like a good idea, but if you say you have sales of 10K a week but only have $1k in purchases from hot dog suppliers people like me (I'm an accountant) are going to notice.
The ideal business is one where you provide a service, but one where the customers come to you and there isn't any way to verify how many you actually served. Something like a massage therapist would be perfect, but if you can't do that there are plenty of other things that would work with a bit of thought and imagination.
IgrowBIGG
Active Member
Miss MeanWeed
Active Member
You can always 'lose' a lot of money to yourself in online poker.
You could buy non-existant items off yourself on E-Bay.
You could buy winning lottery/horse-racing tickets off people for a small premium.
Or a shovel, some plastic bags, and a GPS
You could buy non-existant items off yourself on E-Bay.
You could buy winning lottery/horse-racing tickets off people for a small premium.
Or a shovel, some plastic bags, and a GPS
Sardonicus
Member
video store ... who knows how many movies you rent
Iron, Lion, Zion
Active Member
No. Money laundering is when you make up a fake reason for where the money is coming in from. This fake reason legitimizes the money, allowing you to do whatever you want with it. You can't legitimize it without paying taxes. Watch the movie "Layer Cake." Awesome movie about an upscale drug dealer who is laundering his $$... Guy Ritchie directed, Daniel Craig is main character.
ill Padrino
Member
Layer Cake is an awesome movie. Doesn't teach to much about money laundering but gives a general idea.
I would not recommend putting any large amounts of cash into a bank account. Unless you already have paper work to prove your source.
Also I don't recommend using money transfers for ANY REASON!!!
The cashier has an option button that is for suspicious transaction. One push and IRS has all your information.
Best thing you can do is stash your money and keep your mouth shut. Pretty Simple.
Peoples big mouths is what usually gets them in trouble.
sakhalchea
Active Member
safest way guaranteed is, 1. Get a Job 2. Deposit all your earning from legit work into your bank 3. pay your bills and your spending money with your profit
In short pretty much only save the money you can prove you earn, I honestly wouldn't trust anyone with money i made in the black market. I would burry every stack of 5k in the back yard or in a basement with a stealth custom built safe. Like that cooper guy said, every person you tell about it leads to an increase of 10 percent that you will get hit.
In short pretty much only save the money you can prove you earn, I honestly wouldn't trust anyone with money i made in the black market. I would burry every stack of 5k in the back yard or in a basement with a stealth custom built safe. Like that cooper guy said, every person you tell about it leads to an increase of 10 percent that you will get hit.
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