Structuring/Money Laundering?

puffpuffPASSEDOUT

puffpuffPASSEDOUT

Well-Known Member
OK so like most people i know that if you deposit 10,000 or more into an account then the IRS is notified. But now I learn about Structuring! I knew the gov't was sneaky and smart about catching criminals but wow this is ridicolous.

Basically this is:

Money laundering is a well-thought out process accomplished in three stages:

  • Placement: Requires physically moving and placing the funds into financial institutions or the retail economy. Depositing structured amounts of cash into the banking sector, and smuggling currency across international borders for further deposit, are common methods for Placement.
  • Layering: Once the illicit funds have entered the financial system, multiple and sometimes complex financial transactions are conducted to further conceal their illegal nature, and to make it difficult to identify the source of the funds or eliminate an audit trail. Purchasing monetary instruments (traveler’s checks, banks drafts, money orders, letters of credit, securities, bonds, etc.) with other monetary instruments, transferring funds between accounts, and using wire transfers facilitate Layering.
  • Integration: The illicit funds re-enter the economy disguised as legitimate business earnings (securities, businesses, real estate). Unnecessary loans may be obtained to disguise illicit funds as the proceeds of business loans.
In the near future i was planning on depositing less than 10,000 A MONTH. Do you think this would fall under the radar of the IRS and such? I figure say i do happen to make 20k a month I can deposit under 10,000 in the bank and be fine and keep the rest in a hidden safe.

Does anyone know anything about flying under the radar with a large sum of cash?
 
B

buffalosoulja

Well-Known Member
I have no experience, but i read a whole hell of a lot. Your right the IRS wont be notified, but making cash deposits every month for large amounts will raise suspicion. I would recommend making a deposit every friday to make it look like a payday, also put some aside for taxes, because the IRS does not tax under 10,000/yr, but more than that you'll need cash. JMO :joint:
 
C

chiapet

Active Member
OK, they have methods of detection to combat what you are speaking of. Thanks to the Patriot Act, the banks know have the obligation to KYC (Know your customer). This entails them monitoring deposits into accounts with special software designed to detect money laundering efforts. If they see this they report it to the feds immediately (google know your customer patriot act). There are far better ways to do this, such as starting your own business and covering the funds up as revenue.

But even then, the banks will be looking at your deposits and if you are making an unusually high amount of money for the specific industry you are in, your getting reported as well so you have to be smart about it, I would hire an accountant and ask him questions intelligently, a lawyer would not be a bad idea, thats what I have been doing.
 
puffpuffPASSEDOUT

puffpuffPASSEDOUT

Well-Known Member
chiapet said:
OK, they have methods of detection to combat what you are speaking of. Thanks to the Patriot Act, the banks know have the obligation to KYC (Know your customer). This entails them monitoring deposits into accounts with special software designed to detect money laundering efforts. If they see this they report it to the feds immediately (google know your customer patriot act). There are far better ways to do this, such as starting your own business and covering the funds up as revenue.

But even then, the banks will be looking at your deposits and if you are making an unusually high amount of money for the specific industry you are in, your getting reported as well so you have to be smart about it, I would hire an accountant and ask him questions intelligently, a lawyer would not be a bad idea, thats what I have been doing.
Click to expand...
Hmmm I do know a lawyer... Its alil scary though asking a man of the law about breaking the law ...Opps wait a min?!?! we are talking about lawyer's right? LOL nevermind Ive seen devils advocate haha

Im sorry im not being serious at the moment... I just smoked up lol and im glad the redskins are gonna lose! Dallas is playing like a champ!
 
BongJuice

BongJuice

Well-Known Member
I know a group of people who do their laundering by having a pawn shop.
They buy old gold, coins, jewelery, antiques, anything that's worth money.
 
C

chiapet

Active Member
BongJuice said:
I know a group of people who do their laundering by having a pawn shop.
They buy old gold, coins, jewelery, antiques, anything that's worth money.
Click to expand...
I have heard of that being done over here as well, they also run a gambling hall in it as well. Wow, these pawn shop guys just dont give a fuck do they?
 
brontobrandon1

brontobrandon1

Well-Known Member
damm i was also wondering the same thing about the large amounts, but ya i guess talking to a accountant would be the best idea...

and fuck ya the dallas cowboys woooped the redskins
 
You must log in or register to reply here.
Top