Integration a. The proceeds are reintroduced into the economy as legitimately earned money. Buying property, bars, restaurants Structuring Structure the way to deposit money (deposit $9999 in 3 different banks etc) Money Laundering Methods ● Bulk Movements Strategy ○ To withdraw the money from countries with the CTR requirement to ones that do not have reporting requirements- by person, luggage, mail, truck, planes etc. ■ US Patriot Act-created a new offense: smuggling money ($10,000+) out of the country is an offense ● Financial Institutions ○ Still the safest and most efficient method. Making numerous deposits into an account then wiring the money to a different account ■ Smurfing/Structuring-numerous deposits under $10,000 to avoid reporting threshold ■ Papa Smurf
● Guy from Florida, has a network of people in/out of banks and making deposits ● Non Financial Institution ○ Using front companies that conduct legitimate business (bar, restaurants, night clubs, pizza parlors) ■ Shell companies-registered by performs no legitimate business, NPO’s, religious groups ● Underground Banking Systems ○ Formalized and secretive system of using ordinary business fronts for money movement. These businesses on the surface are not in the business of moving money. Western Union. Drug Dealers.
- Fall '16
- Steve Evens
- Cheque, Tax haven, Tax avoidance and tax evasion