How to make 30,000 GBP / 45,000 USD Disappear?

[BossHog 38,489]

I'm at a loss to understand this.

 

You wire yourself 30,000 pounds.

 

Why would a government care about this?

[mikewright 4,249]

I'm at a loss to understand this.

 

You wire yourself 30,000 pounds.

 

Why would a government care about this?

 

In Australia, this would be reported by the bank to AUSTRAC, under our Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules)

 

I would imagine most countries' financial institutions have similar reporting obligations.

 

Interestingly, AUSTRAC's  own website gives examples of the methods used to launder money through banks, including the following:

 

"What are the links between money laundering and the banking system?

 

Accounts.

Financial ntelligence shows bank accounts are misused to introduce illicit money into the financial system before it is moved to other financial markets in Australia and abroad. Criminals can also target account opening procedures to build false customer profiles, which they can use to help present ‘front businesses’ as legitimate operations.

 

International funds transfers (‘wire’ transfers).

Transfers through banking networks are the main way of moving funds rapidly across international borders. Criminals exploit this service to move the proceeds ofcrime  quickly and securely to foreign jurisdictions  where they can take advantage of features such  as bank secrecy laws to complete the money laundering process.

 

Loans.

Criminals use loans to layer and integrate illicit funds into other assets such as realestate and motor vehicles. They can launder funds by obtaining loans which they then pay out using lump sum cash payments or smaller structured cash amounts. The loans are essentially taken out as a cover for laundering criminal proceeds under the guise of repayments. Transactions related to a loan may attract less scrutiny than significant cash activity. Criminals may also obtain loans in false names to try and distance themselves from suspicious financial activity.

 

Bearer negotiable instruments (BNIs).

including bank drafts, promissory notes, traveller’s cheques and money orders — offer a portable and compact way to smuggle high-value assets across international borders. Criminals may attempt to purchase BNIs with co-mingled funds (consisting of legitimate business earnings and the proceeds of crime) to camouflage the connection to underlying crimes.

 

Safe deposit boxes.

Criminals exploit the privacy of safe deposit boxes to store the proceeds and instruments of crime including cash, drugs and firearms. They can use false identities to lease multiple boxes across different bank branches to try to hinder law enforcement investigations.

 

I suspect AUSTRAC might be monitoring these types of transactions.

 

 

 

 

Edited June 1, 2013 by mikewright