➤ Money laundering aims to conceal the identity of the money, its original source and where it will be spent.
➤ The ultimate goal of this transaction is to appear as if the money has come from a legitimate source.
➤ It also fits the definition of money laundering to carry out a series of financial transactions to convert ill-gotten gains into legitimate money or acquire commodities.
➤ In the article named “How Does Twitch Make Money?“, I mentioned this monetization method attracting a lot of people’s attention on Twitch recently.
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What is money laundering?
“Money often costs too much.”
Money Laundering Definition
➤ The ultimate goal of this method is to obtain the money and legalize it by registering it in the financial system somehow.
➤ Hiding the original illegal source of the money and showing it as if it comes from a legitimate source is one of the most critical goals in this method.
➤ The laundered money is added to the legal financial system.
✅ Methods Used For Money Laundering & Which You Should Avoid
➤ Money transfer from bank to bank via various accounts.
➤ Shrinking large sums of money with small bank deposits.
➤ Capitalizing on smaller money amounts and purchasing money orders.
➤ Purchasing cashier checks with small amounts to avoid suspicion (structuring or smurfing).
➤ Bulk cash smuggling via offshore banks.
➤ Trade-based laundering via altered invoices (more or less amount than it should be to hide the movement of money).
➤ Cash-intensive transfers via everyday businesses with large amounts of cash. Places such as parking lots, petrol offices, car washes are often used. Additionally, shell companies and trusts are also favourites of people who try to deceive individuals.
➤ Methods such as depositing money into casino coffers or using chips with cash (as gambling winnings but they are not) are also very common.
✅ A Legal Warning
➤ We certainly do not recommend or teach these methods!
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