paypal and money laundering

[ricgem2002 11]

could using paypal be a way to launder money and make it clean ? 

[andyofborg 11]

probably, thinking of starting a new business?

[woodview 10]

I don't think so. After £1000 of transactions your paypal has to be linked to a conventional bank account, plus, I think they have same reporting rules to hmrc as a normal bank.

[ricgem2002 11]

16 minutes ago, woodview said:

I don't think so. After £1000 of transactions your paypal has to be linked to a conventional bank account, plus, I think they have same reporting rules to hmrc as a normal bank.

yes i get that woodview but yes you have a bank account in your name and money paid into is then "in the system"so when money builds up in your account does it then become cleaned ?

[woodview 10]

1 hour ago, ricgem2002 said:

yes i get that woodview but yes you have a bank account in your name and money paid into is then "in the system"so when money builds up in your account does it then become cleaned ?

No, not at all. If I stole loads of diamonds, and sold them cash, I could pay that money into my bank. It isn't clean then, because I can't show a legitimate source of where all that cash came from. If the money mysteriously came from Paypal, it would be no better a situation for the diamond thief.

[carosio 186]

If you bought a car with the paypal account, the money would then become "clean" when it was transferred to the seller, then the police would have to seize the car. You could of course give it to charity, or spend it on a holiday.

[FinBak 12]

The big hitters will never use something as traceable as PayPal....

 

GOLD...That's where the money is laundered with Zero Traceability.

[woodview 10]

1 hour ago, FinBak said:

The big hitters will never use something as traceable as PayPal....

 

GOLD...That's where the money is laundered with Zero Traceability.

It's a way to store money untraceably, but it doesn't launder it:

So, Mr Finbak, how did you buy this house?

Withthe £1m of gold I have.

OK. All seems legit. Nothing to see here.

 

Laundering money involves channeling money through schemes to appear the money has been made legitimately.

Historically bookmakers could do it, as they would make out people were placing large bets on horses that subsequently lost. Ice-cream men weirdly too, having sold thousands of ice lollies per day for example. They are money laundering, they turn dodgy cash into 'legit' profits.

Just having it in paypal or gold doesn't do that.

[FinBak 12]

3 minutes ago, woodview said:

It's a way to store money untraceably, but it doesn't launder it:

So, Mr Finbak, how did you buy this house?

Withthe £1m of gold I have.

OK. All seems legit. Nothing to see here.

 

Laundering money involves channeling money through schemes to appear the money has been made legitimately.

Historically bookmakers could do it, as they would make out people were placing large bets on horses that subsequently lost. Ice-cream men weirdly too, having sold thousands of ice lollies per day for example. They are money laundering, they turn dodgy cash into 'legit' profits.

Just having it in paypal or gold doesn't do that.

I never bought the House. I traded it for GOLD to the Value of.

 

 

 

 

[woodview 10]

3 minutes ago, FinBak said:

I never bought the House. I traded it for GOLD to the Value of.

 

 

 

 

If you are being investigated for suspected criminal activity, they want to see a legitimate source of money. Simply having £1m in gold isn't legitimate in itself. If you had a gold mine, maybe. Otherwise they could seize the gold or the house.

Edited March 24, 2019 by woodview

[FinBak 12]

Just now, woodview said:

If you are being investigated for suspected criminal activity, they want to see a legitimate source of money. Simply having £1m in gold isn't legitimate im itself. If you had a gold mine, maybe. Otherwise they could seize the gold or the house.

Who would know?

 

Unless someone grassed...No one would EVER know..;)

 

[woodview 10]

2 minutes ago, FinBak said:

Who would know?

 

Unless someone grassed...No one would EVER know..;)

 

Ok, you go and try to buy a house for gold or physical cash and see how you get on.