Digging Into Money Laundering

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2 years ago

Wait I'm not doing this heinous crime, or am I?

Money has changed the world and its people so much that no one expected this. Nobody thought that it will hold such value in the future. And just like that, everyone wants to hold more money but even having enough money some go for more money and seek money laundering for it.

Money Laundering in simple words is hiding black money and using it as white money by cleaning it using the loopholes in systems.

The money earned from illegal activities, drug trafficking, or unknown sources, unknown investment, not paying taxes, corruption etc. This is mostly done by people to crowdfund illegal, criminal, and corrupt activities. It's illegal and the culprit may be charged with a heavy fine and long-term jail.

Rise In Cases

The use of online banking and Cryptocurrencies have increased money laundering activities as in Crypto it's almost impossible to track the transaction and catch the users if they have done it through decentralized wallets. And this is the major reason why no government welcomes Crypto as in that way crime lords can easily fund their activities and it would be very difficult to catch them. Electronic money laundering is the hardest challenge faced by the government nowadays.

How To Spot A Money Laundering Activity Or A Person Doing It?

  • Large transactions done by a bank account.

  • Holding more money and having more assets than their income as well as not paying tax.

  • Most of these types of people do their activities out of people's eyes, so if you see anyone distancing a lot from people kindly distance yourself from him/her too.

Why Is It Important To Stop Money Laundering?

To uproot the crime and illegal activities it's necessary to stop money laundering. Without any funding, those organizations will fall easily without using violence. And to avoid the money flow to only a single group or organisation.

Example

Suppose a drug dealer wants to buy a Luxury Car using his illegal money which he/she got by selling drugs. So what he does is that he already has some legal fake business set-up and he deposits that fund into that business account and as it's a business related account nobody suspects that huge transaction and after that, he buys a car with that company name using that account. Lmao, so easy.

Why Rise In Cases?

I think the cases didn't rose by such huge degree it's just that government and organisations got knowledge over this topic and have found ways to catch them.

Also, I think major reason is for selfish reasons and to crowd fund illegal activities.

Not only criminals but celebrities, and businessmen are also involved in money laundering in fact their ratio is higher than criminals, lol the amount is low only compared to those. Because of multiple businesses and NGOs they have, money laundering is a pretty easy deal for them without catching anyone's attention.

Recently I saw many actors have been accused of money laundering in India. Which made me dig deep into this topic.

And the more I dig I found even the trusted Crypto exchanges of India were involved in Money Laundering.

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Final Thoughts

It seems that no matter how much a human earns money, they will be hungry for more even if that means going on the wrong path. I can understand criminals but the well-settled celebrities and high-earning Crypto exchanges doing such things show most people are here to fill their bags without thinking of good or bad.

Money laundering flushes money from a country's economy. The process is simple as well as complex also because there are a lot of hidden layers involved in this process that we still don't know. I just explained the first layers.

So tell me how much money you have laundered through Crypto, lmao?

It's not that way bit in reality some governments put this as a money laundering act, lol.

*Any corrections over this post are warmly welcomed as I do not know have much knowledge about it.

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Comments

Well, there are countries where you have to pay taxes for having cryptocurrencies, here in Venezuela there is the law that you have to do it, but if you do not pay it, you are not committing a crime, because the government v Venezuelan still does not fully manage the laws towards cryptocurrencies.

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2 years ago

It's the same here but when caught not paying tax here from Crypto, they put money laundering case in you because it's neither legal nor illegal here, lol.

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2 years ago

Everywhere around the world this happens and it's sad. We should not involve ourselves in it. That's the best we can do.

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2 years ago

It will make people do some bad acts so yes distancing from it seems the best solution.

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2 years ago

You meant crypto is also sort of money laundering? One question more, let's assume a person has dirty money and he invest those or some of some of it in cryptocurrency or cryptocurrencies, is it also sort of cleaning those dirty money? Or it is the same By the way , it is a Very interesting blog, I liked it

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2 years ago

Oh no it's not, but in some countries where it's not legal and they see it as money laundering and yes black money can be easily turned to white through cryptos and even more black also through it.

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2 years ago

I'm sorry dear friend actually I'm very new to crypto world and I'm learning phase that is why I have been asking so many questions Thank you for you guidance and reply. I am so glad you responded in detail.

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2 years ago

Is that how businesses are made? 🤭 But not all are bad cause they really provide business/service/goods and value to people. Let's use our discernment when it comes to this cause even in govt or non, it happens.

What we like is to use it for good & that we abide to what will make us peaceful.

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2 years ago

It's their money, they launder, waste it nobody cares but when that amount is used for criminal purposes which is mostly done when money laundering is involved then we have to pick these people or else they will simply dirt your society being in it.

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2 years ago

That's sad 😓 hope that most money will use for peace and the benefits of people.

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2 years ago

Money laundering has many facets. One example is founding an NGO. The top NOGs are one of the easy ways to make black money white, and siphon global citizens' donations to the founders' pockets!

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2 years ago

Almost every rich guy has NGOs to clean their black money. We appreciate their efforts but don't want to see or know what they do behind to attain such wealth.

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2 years ago

The black money that they make white by donating a huge amount to an NGO, sometimes only 2 percent goes to the "noble cause." More than 90 percent of the donations earned go to the pocket of the NGO owners. That is why we must not appreciate and help NGOs raise money!

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2 years ago

I believe each govt around the world have many NGOs. Let the Spirit refine our hearts even what we do is not seen.

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2 years ago

Money laundering will always be there. There is nothing much we can do about it. I guess protecting our own selves would be the only thing we can do in most cases.

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2 years ago

Oh yes, with time ways to do money laundering increase only, lol.

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2 years ago

A lot of people are into this and the funny thing is, bankers also help them to achieve this. A lot of people even in Nigeria, you don't see them with any feasible business yet they have assets that you can't even explain. A lot of people now use crypto to clean their money too because they open a wallet, buy a lot of coins and hold it there...

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2 years ago

Sadly crypto is now a nice place for such people to save or multiply their funds and even cleaning it in there is very easy.

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2 years ago

That's sadly the truth...

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2 years ago