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What is a Typical Example of Money Laundering?

  1. Missing Link profile image81
    Missing Linkposted 2 years ago

    What is a Typical Example of Money Laundering?

    Money Laundering is viewed as illegal.  What is one of the most common types of money laundering---is it to avoid paying taxes?  Please give an example of how the criminal would attempt to do it.

  2. lovemychris profile image59
    lovemychrisposted 2 years ago

    Drug money...and this guy was almost president!!!!
    http://www.veteranstoday.com/2012/10/17 … launderer/

    1. Missing Link profile image81
      Missing Linkposted 2 years agoin reply to this

      the article gives an example of money laundering that I kinda sorta can grasp, I'm not sure I agree with the Romney aspect of it, thanks very much!

  3. Larry Rankin profile image97
    Larry Rankinposted 2 years ago

    The most typical way to launder money is to set up a legitimate business, cook the books so it looks like you've made more money than you have, and funnel these elicit gains through said legitimate business.

    About any legitimate business will work, as long as you don't funnel more money than the authorities can believe the business could make.

    It isn't done to avoid paying taxes. It is done so criminals can pay taxes on their elicit gains, so they don't wind up in prison for tax evasion.

    For example, if the IRS can prove you've spent more on stuff: cars, houses, etc than you pull in over the course of a year, you're liable to wind up in prison like Al Capone.

    However, if you have a legitimate business to funnel your money through, you can spend your Ill gotten gains.

 
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