arent those epass-paypal transfers illegal?

[After Shock Media]

Swipe...


Why?

[doggiedog]

hm something went wrong with this thread
anyway, isnt this considered money laundering?

[After Shock Media]

"Money laundering, the metaphorical "cleaning of money" with regard to appearances in law, is the practice of engaging in specific financial transactions in order to conceal the identity, source, and/or destination of money, and is a main operation of underground economy." Wiki.

I do exchanges on occassion and my indentities are not hidden in either epass nor paypal.

[doggiedog]

well since this "switch" is significantly making it harder to follow the money flow?

[After Shock Media]

I report the markup I make on my taxes.
I am not hiding shit nor fucking with the one man you dont fuck with.

There still is a signifigant paper err electronic trail.

[doggiedog]

dont get me wrong, thats what i want to hear as well
just i got impression that it looks like this scheme

" Irregular funding
One method of keeping this small change private would be for an individual to give money to an intermediary who is already legitimately taking in large amounts of cash. The intermediary would then deposit that money into an account, take a premium, and write a check to the individual. Thus, the individual draws no attention to himself, and can deposit his check into a bank account without drawing suspicion. This works well for one-off transactions, but if it occurs on a regular basis then the check deposits themselves will form a paper trail and could raise suspicion."

thats from wiki as well

[After Shock Media]

Originally Posted by doggiedog

dont get me wrong, thats what i want to hear as well
just i got impression that it looks like this scheme

" Irregular funding
One method of keeping this small change private would be for an individual to give money to an intermediary who is already legitimately taking in large amounts of cash. The intermediary would then deposit that money into an account, take a premium, and write a check to the individual. Thus, the individual draws no attention to himself, and can deposit his check into a bank account without drawing suspicion. This works well for one-off transactions, but if it occurs on a regular basis then the check deposits themselves will form a paper trail and could raise suspicion."

thats from wiki as well

Most of the people doing it do not do one-off type deals, they do it on a regular basis.

[doggiedog]

thanks AFM

lets bump to see if someone else wants to share his opinion as well

[fluffygrrl]

There exists no money laundring for transactions under 10k us$ or equivalent. That settle your worries ?

[doggiedog]

yeah pretty much
where i can find those lines in the law?

[fluffygrrl]

Money Laundering Regulations 2003 (UK) - [...]dealers in high value goods (including auctioneers) whenever a transaction involves accepting a total cash payment equivalent to €15,000 (around £10,000) or more[...] the Regulations now require businesses that deal in goods and accept cash equivalent to 15,000 euro (around £10,000) to register with HM Revenue & Customs and implement anti-money laundering procedures.[...]

Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) - There is a series of requirements for reporting whenever currency and/or negotiable monetary instruments are physically moved into or out of Canada. The threshold for reporting has been set at CAD 10,000.

The Bank Secrecy Act (US) requires the filing of a currency transaction report for transactions of $10,000.00 or more. Also, Title 31 of the United States Code, section 5324 (US): No person shall, for the purpose of evading the reporting requirements of section 5313 (a) or 5325 or any regulation prescribed under any such section, the reporting or recordkeeping requirements imposed by any order issued under section 5326, or the recordkeeping requirements imposed by any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508— [...] (3) structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions.

In general, each country has it's own limits, but most are around 10k$ (France has one of the lowest at 3,000 euro, which would be about 5k US)

[doggiedog]

thank you very much!
i see that this is limit per transaction
well is there any risk if your transactions are smaller, but in total they go over 10k for a time frame of year or so

[fluffygrrl]

If you go over 10k or so in any given year it'd be wise to keep good accounts, yes.