How are governments going to fight money laundering, now that money laundering is both (1) easier to do than ever before and (2) impossible to prove if done right?

Disclaimer: Money laundering illegal. Don't do it.

With that out of the way, imagine that someone has illegally obtained 10 million dollars in the form of the untraceable cryptocurrency Monero. How does he bring this back into the normal economy?

It's obvious:

  1. Start a business selling e-books. Accept Monero.
  2. Buy your own e-books with Monero. Lots of copies.
  3. Pay income tax.

Since Monero is untraceable, money laundering is impossible to prove.

How are governments going to fight money laundering in this environment?

We are heading into some uncharted times IMO.


Comments


[15 Points] DNMBootyPirate:

Dawg, the Gubment is smarter than you, and will Anally Rape your face.


[8 Points] None:

[deleted]


[8 Points] inatichi:

The government has ways of detecting money laundering that most people never even imagine with forensic accounting.

In the case of your book, they could detect money laundering simply by noting that you have an abnormally high number of purchases that pay in monero. In of itself that might not be sufficient to do more than an IRS audit (which you don't want), but they might place you under surveillance to try to figure out exactly what you're up to.


[2 Points] ForLol_Serious:

LOL, i know i make fun of the fbi/dea alot cause they couldn't catch me, but some parts of the government aren't so stupid especially when it comes to monies.


[3 Points] safetripp:

Be like the Evolution crooks, don't splash or be flashy, launder the coins over decades not months. They're still free and enjoying "their" loot while the Alphabay guy is a rotting corpse


[2 Points] None:

[deleted]


[1 Points] nugymmer:

You would have to prove how you came into $10M...

Without an existing business, that would be impossible, and even with an existing business structure, it would still be very difficult, and would take a very long time.


[1 Points] ReliableDNMsPlz-jpg:

If Big Brother was able to 'pass a law' that designated crypto currency as an asset, then I'm sure they won't be fooled with a basic laundering scheme. (Not trying to be negative.) I too have wondered how vendors cashed out their earnings as well. Deep insight is golden.


[1 Points] danoob9000:

since you cant not prove the money is clean and they cannot prove the money is dirty. it will likely result in civil forfeiture.


[1 Points] BiasGoldfish:

If it's already in monero why launder it... You think if you just have it someone is going to check up on it? The problem is converting to cash, but if you already had the amount you could just say you invested in them with savings.


[0 Points] Intergalactic_Reborn:

Little by little make your money legit. Don't make it look so obviously and try to quickly launder your money.


[0 Points] Yurgadrugig:

isn't it possible to just report money from illegal gains on ur taxes
not is it a good idea, just isn't it possible


[-1 Points] geamblau:

can't you just claim you mined these XMR?

Much easier to claim than that ebook company thing.