Hey Guys we the team of HELPING SURFERS INC. has come up Money Laundering Part 3 as promised. We are going in deep for The Institutions Used for Money Laundering.In this part we are going to share information about these.
Note- HELPING SURFERS INC. Do not promote any illegal activities.
Note- HELPING SURFERS INC. Do not promote any illegal activities.
The Institutions Used for Money Laundering.
While money laundering schemes can operate in many different ways, most of the largest schemes depend on only a few types of institutions around the globe.
Major Financial Firms: The largest banks are often also the homes of the largest-scale money laundering schemes. While nearly all banks around the world are obligated to observe reporting requirements now, the number of transactions that large banks process can make it easier for illicit activities to pass through without notice.
That is not to say that small banks aren’t at any risk. Small banks are often targeted for a certain technique that will be discussed in more detail later, where proxies make deposits on behalf of someone else.
Casinos: There are very few ways that someone can turn a small amount of money into a massive amount of money without attracting attention from law enforcement. Gambling, however, is one of the ways that someone can do that. For that reason, a lot of illicit money is used for gambling and then comes out the other side as legitimate “winnings”.
Naturally, this strategy comes with some risks to the launderer. However, if the money shouldn’t exist at all, any portion of it that can be extracted successfully is acceptable.
Tax Havens: Though they are fewer in number than they were in the past, places where banks are permitted more secrecy have a role to play at every stage of money laundering. Money can be hidden there until laundering schemes are ready, distributed to other locations more quietly or blended in with the local economy of the tax haven. Tax havens have also been a favorite of wealthy individuals for tax evasion purposes.
How Money Laundering Schemes Work.
Money laundering schemes vary wildly in complexity and order of operations, but there are three cycling goals that must be achieved for any scheme to be successful: Placement, layering, and integration.
The figure below is an example of how those goals play into one another and form a continuous cycle until the illicit money until the complete amount has been laundered.
Our next part of this series is based on- The Three Stages Of Money Laundering In Detail.
Stay Tuned in because a lot to learn in this series.
