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TODAY
Battletoad


Registered: 09/25/03
Posts: 10,218
Loc: Metropolis City, USA
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money cleaning
#2592180 - 04/22/04 06:58 PM (20 years, 1 month ago) |
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would it be possible for drug dealers to front a legitimate business on government tax forms and run their drug profits through that? if they let the government tax their drug money through the front of a legitimate business could they then not worry about putting it in their bank account? seems like a good way to clean dirty money to me...except the gov. takes a slice...but i think that's all they wanted anyway
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ca'rouse (k-rouz) intr.v. To engage in boisterous, drunken merrymaking.
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Lana
Head Banana


Registered: 10/27/99
Posts: 3,109
Loc: www.MycoSupply.com
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Re: money cleaning [Re: TODAY]
#2592212 - 04/22/04 07:07 PM (20 years, 1 month ago) |
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Yes, this is done often. From the things I've read, as long as Uncle Sam gets his cut you're fine.
For example:
You open a resturaunt... lots of cash going in and out. For you to add a few thousand dollars a week in sales isn't uncommon.
You keep your books, pay your taxes and all is good.
Now when you get into tens of thousands of dollars daily or weekly it becomes harder.
Cleaning money is easy when you don't have a lot of it
Lana
-------------------- Myco Supply - Distributors of Mycological Products http://www.MycoSupply.com The Premiere Source for Mushroom Growing Supplies. Visit us online or call us toll free
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TODAY
Battletoad


Registered: 09/25/03
Posts: 10,218
Loc: Metropolis City, USA
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Re: money cleaning [Re: Lana]
#2592249 - 04/22/04 07:19 PM (20 years, 1 month ago) |
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damn i'm smart. i thought of that all by meself.
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ca'rouse (k-rouz) intr.v. To engage in boisterous, drunken merrymaking.
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ChiefThunderbong
Inhale to theChief


Registered: 10/18/02
Posts: 3,647
Last seen: 10 years, 11 months
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Re: money cleaning [Re: TODAY]
#2592748 - 04/22/04 09:22 PM (20 years, 1 month ago) |
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You saw it on TV.....don't lie.
-------------------- Yeah spinnin' around again yea caught in a tailspin
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TODAY
Battletoad


Registered: 09/25/03
Posts: 10,218
Loc: Metropolis City, USA
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no
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ca'rouse (k-rouz) intr.v. To engage in boisterous, drunken merrymaking.
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littlejohn747
addict

Registered: 09/18/03
Posts: 462
Last seen: 16 years, 5 months
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Re: money cleaning [Re: TODAY]
#2595624 - 04/23/04 04:26 PM (20 years, 30 days ago) |
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they did it in the godfather......it was genco olive oil, seemed to have worked for them.
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masterg
Stranger
Registered: 05/09/03
Posts: 275
Loc: CA
Last seen: 18 years, 2 months
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Quote:
littlejohn747 said: they did it in the godfather......it was genco olive oil, seemed to have worked for them.
Hehe, Mario Puzo's books rocked. A lot of side-"corruption" was sent through casinos also in some of the author's other books - definitely not as cool as the olive oil business though.
-------------------- Peace, masterg
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spymoose1
deep breather


Registered: 04/23/04
Posts: 35
Loc: libya
Last seen: 6 years, 4 months
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Re: money cleaning [Re: masterg]
#2596874 - 04/23/04 11:49 PM (20 years, 29 days ago) |
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well peoples, as a fraud investigator i have to tell you that this is actually a horrible way to clean the dollar bills. If your making less than 5000 dollars "extra" a month you don't need to think about "opening", or "investing" in a business. Yes it is easy to cook your own books, but the government, when they audit you, and they will audit you, also look at the style and cost of up keep of your life style. Money laundry is also a crime in and of itself, so think about whats worse, drug or racketering charges.
in az you will serve less on racketering.
Spymoose1
faaf!
-------------------- ~ ingenious! ~
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TODAY
Battletoad


Registered: 09/25/03
Posts: 10,218
Loc: Metropolis City, USA
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Re: money cleaning [Re: spymoose1]
#2597241 - 04/24/04 03:34 AM (20 years, 29 days ago) |
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5k a month=60k per year...that's alot of pocket money on top of a regular day job. i think the gov. or the banks would notice that. running $ through a private business seems like a really good way to clean that extra income flow.
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ca'rouse (k-rouz) intr.v. To engage in boisterous, drunken merrymaking.
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THEBOSS
THE BOSS

Registered: 12/16/03
Posts: 1,252
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Re: money cleaning [Re: TODAY]
#2597249 - 04/24/04 03:50 AM (20 years, 29 days ago) |
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as long as uncle sams getting his cut everythings gravy. If you want to be more on the DL you can put up to 9900 dollars in a bank account without any red flags, if you have more than that, then just open up accounts at several different banks (example BofA, Wells Fargo, etc...) this same rule applys to buys vehicles, no red flags untill you drop 10K then by law they have to report you.
THE BOSS
-------------------- Mushbox Forum
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TODAY
Battletoad


Registered: 09/25/03
Posts: 10,218
Loc: Metropolis City, USA
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Re: money cleaning [Re: THEBOSS]
#2598018 - 04/24/04 12:38 PM (20 years, 29 days ago) |
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is 10k the federal minimum to report...does it vary state to state? i thought it was 5k
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ca'rouse (k-rouz) intr.v. To engage in boisterous, drunken merrymaking.
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Lana
Head Banana


Registered: 10/27/99
Posts: 3,109
Loc: www.MycoSupply.com
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Re: money cleaning [Re: TODAY]
#2598336 - 04/24/04 02:23 PM (20 years, 29 days ago) |
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You folks should read the document found here - http://www.shroomery.org/forums/showflat-Number-2538736.html
"Currency Transaction Reports (CTRs) The Bank Secrecy Act requires every financial institution to file a Currency Transaction Report (CTR) on IRS Form 4789 for each cash transaction that exceeds $10,000. This requirement would apply to cash transactions used to pay off loans, transfer funds electronically, or purchase certificates of deposit, stocks, bonds, mutual funds or other investments.
One final method of laundering money is the blatant smuggling of cash. Frequently, the smugglers are involved in legitimate businesses that allow them to transport goods that can conceal the funds. Subtitle C of Title III deals with currency crimes. Section 371 makes it a crime to knowingly conceal $10,000 or more in cash in an attempt to transport that cash across the U.S. border.
The Money Laundering Control Act also required Currency Transaction Reports (CTRs) in any instance that indicated customers were conducting structured transactions. Structured transactions, sometimes known as "smurfing." occur when transactions are structured in amounts less than the $10,000 automatic reporting requirement of the Bank Secrecy Act. The Money Laundering Control Act of 1986 added provisions to the Bank Secrecy Act that were specifically applicable to brokerage firms. These provisions specifically prohibited structuring transactions to avoid the impact of the Bank Secrecy Act's reporting thresholds."
Lana
-------------------- Myco Supply - Distributors of Mycological Products http://www.MycoSupply.com The Premiere Source for Mushroom Growing Supplies. Visit us online or call us toll free
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TODAY
Battletoad


Registered: 09/25/03
Posts: 10,218
Loc: Metropolis City, USA
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Re: money cleaning [Re: Lana]
#2599020 - 04/24/04 08:53 PM (20 years, 29 days ago) |
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nice
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ca'rouse (k-rouz) intr.v. To engage in boisterous, drunken merrymaking.
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