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Discussion => Security => Topic started by: nimbus on February 25, 2012, 03:33 am

Title: Q for any lawyers: cash-based money laundering
Post by: nimbus on February 25, 2012, 03:33 am
I have this question, and don't know if there is a good answer. Can anyone help?

When does something technically become money laundering? You can buy anything anonymously for cash, or trade it for any foreign currency. If you keep the amounts small, maybe a few hundred bucks at a time, certainly that is legal?
Title: Re: Q for any lawyers: cash-based money laundering
Post by: zifnab on February 25, 2012, 06:40 am
Definition for money laundering:
Web definitions:   concealing the source of illegally gotten money.
wordnetweb.princeton.edu/perl/webwn

As long as the money is dirty, trying to 'clean' it in any way *is* money laundering.
Title: Re: Q for any lawyers: cash-based money laundering
Post by: nimbus on February 25, 2012, 07:54 am
So if I am only on the buyer's side here, nothing I am doing could be considered money laundering, since the "source" of all my money is legit? Doesn't seem right to me, I'm sure it's a legal gray area or something.
Title: Re: Q for any lawyers: cash-based money laundering
Post by: redforeva on February 25, 2012, 07:54 am
I have this question, and don't know if there is a good answer. Can anyone help?

When does something technically become money laundering? You can buy anything anonymously for cash, or trade it for any foreign currency. If you keep the amounts small, maybe a few hundred bucks at a time, certainly that is legal?
I believe after $500 it becomes punishable in the US, but Ive also heard that in other things such as credit fruad under $800usd isnt pursued. The best think to do is buy LR then back to btc and back to LR then to WM or buy Iraqi money and exchange at an airport.. idk I tried