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5 Common Misconceptions Of Money Laundering
Anyone can use Money-Laundering-as-a-Service (MLaaS) to launder their money without any knowledge of money laundering. This however puts the customers into a weak position as they do not know what to expect from the service they are purchasing. This post tries to educate potential customers so that they are better equipped to select the best service for their needs. Even if you want to launder the money yourself you may find this post useful.
#1: I cannot launder money anonymously
If anyone assisting you launder money knows your true identity, you are not anonymous. This makes you vulnerable.
There are many potential methods to launder money that require you to disclose your identity to parties that know you are trying to hide something. There are even MLaaS providers employing such inadequate methods. Using such methods will put your future in the hands of others and will open you to blackmail. Celebrities and even politicians have fallen and will fall for this trap.
However, there are modern, well-thought money laundering methods that do not require you to disclose your identity to anyone on the money laundering chain. When applied correctly, it makes it impossible to deduce who you are. This ensures your safety even if all links in the laundering chain get busted.
Thus, money can be laundered fully anonymously.
#2: I cannot launder money remotely
This is false. Even before the Internet, you could launder money remotely if you knew the right people. Without connections, you had to make trips to Panama or other offshore locations.
With the advent of the internet and especially cryptocurrencies, it has become possible to do it all online from the leisure of your home. The remotely usable laundering methods are not only more convenient, but they are also much safer than the ones that require you to physically visit places.
Thus, money can be laundered fully remotely.
#3: Laundering money is not safe
Safety can mean many things. I define safety as the condition of your money and freedom being protected from dangers. When laundering money, there are dangers to your safety caused by money laundering vehicles and officials. I will consider them separately.
Safe from money laundering vehicles
Money laundering vehicles are all the means you use to launder your money. For example, all the parties you deal with and all the tools you use. I only consider online vehicles as safety cannot be guaranteed with offline vehicles.
The basic rule is that none of the vehicles you use should know your true identity and you should not need to trust your money on any of the vehicles. These rules sound simple but it is notoriously easy to make fatal mistakes in them.
The fewer vehicles you use, the harder it is to make mistakes. In an ideal case, you only need a single money-laundering vehicle. MLaaS providers who offer guarantees are such vehicles. While they use various vehicles themselves, they know their vehicles by heart and can guarantee your safety when using them.
The downside is that you need to trust the money launderer. There is always a risk when dealing online. This risk can be minimized by using escrow services. You should only deal with partners that accept escrow.
Aside from protecting your money from the MLaaS providers, you should also protect your identity. Never let them know your identity. Otherwise, you are vulnerable and will get busted if the money-laundering service gets busted.
If you decide to use an MLaaS provider, make sure they explain their laundering methods before execution. Otherwise, you cannot be sure that they cannot deduce your identity after the laundering process.
Safe from law enforcement officials
To be safe from law enforcement officials, you should pay attention to how you explain the origin of your money. You will need to explain it to the officials, as well as your friends and family. The explanation has to be plausible, coherent, and there has to be a paper trail supporting it.
Officials use certain know-your-customer (KYC) and anti-money-laundering (AML) heuristics to evaluate your explanation and all proof you have to support it. The specific heuristics vary between officials. These heuristics catch the inexperienced and naive money launderers.
MLaaS providers know how the heuristics work and provide you all explanations you will need with paper trails and any further operation advice that will keep you under the radar of officials even if the heuristics change.
Again, if using MLaaS, make sure they explain their laundering methods. Otherwise, you cannot evaluate yourself if their explanation of the source of the money will protect you from the law enforcement officials.
Summary:
As you can remain safe from money laundering vehicles and law enforcement officials when laundering money, money laundering can be done safely.
#4: I must have connections
You used to need to set up complicated networks of shell companies and bank accounts in countries lacking money laundering protections or strong privacy laws and possibly recruit and operate a group of money mules. All this requires very specialized knowledge and connections. There were, and still are actors specialized in doing these arrangements. However, to do business with them, you needed to connect with them somehow. Naturally, you could not read their advertisements anywhere.
Nowadays services of such professionals are advertised on the Tor network. Anyone can hire them to launder their money without any knowledge of money laundering.
Thus, you do not need to be connected to launder money.
#5: I can just use bitcoin tumblers to launder my money
Cryptocurrency tumblers, when implemented and used properly, can protect you from blockchain analysis techniques. They make it possible to hide the past of the coins you hold.
However, when you are cashing out (converting to fiat) or spending such coins you face another problem: how do you explain the origin of your money? Failing to explain, you will be suspected of money laundering and tax evasion, leading to your funds being frozen. Suspicion leads to investigation and investigation will very often lead to the true source of your money being revealed. Law enforcement officials are not stupid. They do not buy wacky explanations with no proper paper trail proving the points.
Thus, bitcoin tumblers alone are not enough.
LIKE AND SUBSCRIBE. HAHAHA
(\____/)
( ͡ ͡° ͜ ʖ ͡ ͡°)
\╭☞ \╭☞
Anyone can use Money-Laundering-as-a-Service (MLaaS) to launder their money without any knowledge of money laundering. This however puts the customers into a weak position as they do not know what to expect from the service they are purchasing. This post tries to educate potential customers so that they are better equipped to select the best service for their needs. Even if you want to launder the money yourself you may find this post useful.
#1: I cannot launder money anonymously
If anyone assisting you launder money knows your true identity, you are not anonymous. This makes you vulnerable.
There are many potential methods to launder money that require you to disclose your identity to parties that know you are trying to hide something. There are even MLaaS providers employing such inadequate methods. Using such methods will put your future in the hands of others and will open you to blackmail. Celebrities and even politicians have fallen and will fall for this trap.
However, there are modern, well-thought money laundering methods that do not require you to disclose your identity to anyone on the money laundering chain. When applied correctly, it makes it impossible to deduce who you are. This ensures your safety even if all links in the laundering chain get busted.
Thus, money can be laundered fully anonymously.
#2: I cannot launder money remotely
This is false. Even before the Internet, you could launder money remotely if you knew the right people. Without connections, you had to make trips to Panama or other offshore locations.
With the advent of the internet and especially cryptocurrencies, it has become possible to do it all online from the leisure of your home. The remotely usable laundering methods are not only more convenient, but they are also much safer than the ones that require you to physically visit places.
Thus, money can be laundered fully remotely.
#3: Laundering money is not safe
Safety can mean many things. I define safety as the condition of your money and freedom being protected from dangers. When laundering money, there are dangers to your safety caused by money laundering vehicles and officials. I will consider them separately.
Safe from money laundering vehicles
Money laundering vehicles are all the means you use to launder your money. For example, all the parties you deal with and all the tools you use. I only consider online vehicles as safety cannot be guaranteed with offline vehicles.
The basic rule is that none of the vehicles you use should know your true identity and you should not need to trust your money on any of the vehicles. These rules sound simple but it is notoriously easy to make fatal mistakes in them.
The fewer vehicles you use, the harder it is to make mistakes. In an ideal case, you only need a single money-laundering vehicle. MLaaS providers who offer guarantees are such vehicles. While they use various vehicles themselves, they know their vehicles by heart and can guarantee your safety when using them.
The downside is that you need to trust the money launderer. There is always a risk when dealing online. This risk can be minimized by using escrow services. You should only deal with partners that accept escrow.
Aside from protecting your money from the MLaaS providers, you should also protect your identity. Never let them know your identity. Otherwise, you are vulnerable and will get busted if the money-laundering service gets busted.
If you decide to use an MLaaS provider, make sure they explain their laundering methods before execution. Otherwise, you cannot be sure that they cannot deduce your identity after the laundering process.
Safe from law enforcement officials
To be safe from law enforcement officials, you should pay attention to how you explain the origin of your money. You will need to explain it to the officials, as well as your friends and family. The explanation has to be plausible, coherent, and there has to be a paper trail supporting it.
Officials use certain know-your-customer (KYC) and anti-money-laundering (AML) heuristics to evaluate your explanation and all proof you have to support it. The specific heuristics vary between officials. These heuristics catch the inexperienced and naive money launderers.
MLaaS providers know how the heuristics work and provide you all explanations you will need with paper trails and any further operation advice that will keep you under the radar of officials even if the heuristics change.
Again, if using MLaaS, make sure they explain their laundering methods. Otherwise, you cannot evaluate yourself if their explanation of the source of the money will protect you from the law enforcement officials.
Summary:
As you can remain safe from money laundering vehicles and law enforcement officials when laundering money, money laundering can be done safely.
#4: I must have connections
You used to need to set up complicated networks of shell companies and bank accounts in countries lacking money laundering protections or strong privacy laws and possibly recruit and operate a group of money mules. All this requires very specialized knowledge and connections. There were, and still are actors specialized in doing these arrangements. However, to do business with them, you needed to connect with them somehow. Naturally, you could not read their advertisements anywhere.
Nowadays services of such professionals are advertised on the Tor network. Anyone can hire them to launder their money without any knowledge of money laundering.
Thus, you do not need to be connected to launder money.
#5: I can just use bitcoin tumblers to launder my money
Cryptocurrency tumblers, when implemented and used properly, can protect you from blockchain analysis techniques. They make it possible to hide the past of the coins you hold.
However, when you are cashing out (converting to fiat) or spending such coins you face another problem: how do you explain the origin of your money? Failing to explain, you will be suspected of money laundering and tax evasion, leading to your funds being frozen. Suspicion leads to investigation and investigation will very often lead to the true source of your money being revealed. Law enforcement officials are not stupid. They do not buy wacky explanations with no proper paper trail proving the points.
Thus, bitcoin tumblers alone are not enough.
LIKE AND SUBSCRIBE. HAHAHA
(\____/)
( ͡ ͡° ͜ ʖ ͡ ͡°)
\╭☞ \╭☞
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