To be honest, I don't think money laundering is real, or significant. I see most money laundering rules as hidden or mislabeled sanctions on other countries, group of individuals or institutions.
To be honest, I don't think money laundering is real, or significant. I see most money laundering rules as hidden or mislabeled sanctions on other countries, group of individuals or institutions.
E.g. here the nonsense is why money that you already have in a bank account needs to be sent to someone else via 1000s of random small transactions. At best that would add a layer of confusion, but you still have the money laundering problems for the sending and final receiving person.
What happens is that banks are trying to cover their ass and please regulators so they don’t get fined.
Of course all regulation does is add complexity. You still have the most common way to launder money: know the top-banker and have connections inside the bank. With the right amount of money you can buy all the KYC you need.
Which means all this regulations is either malicious or plain ignorant. I think it’s malicious.
It's just that you and I aren't big enough fish for the banks to look the other way, if we do it.
Gotta be a Mexican drug cartel, or a Russian oligarch to succeed in money laundering.
Heard it all now time for me to get off this site I think.