Money laundering via BTC

[meliodasgaming]

Hi guys ! My name’s Dave.

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?ข่าวกีฬา

Any help will be fine.
Thank you in advance.

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[jackg]

That depends, I thought blood diamonds were still a thing also for storing wealth this way along with a bunch of other systems.

Bitcoin is worth very little compared to the diamond and gold industry and you can already get quite large amounts of cash across the border fairly easily afaik.

[LeGaulois]

I would say that Bitcoin can be used for money laundering just like fiats are currently.
But we have to admit that it's much easier considering there is no central authority, you don't rely on a 3rd party and can avoid the 'mass surveillance'... No one asks you for anything, no one can control you, no one can confiscate funds, no one can impose a limit on transactions.

...

In some countries, it's now very difficult to buy gold and diamonds with cash, at least anonymously. Even in Belgium and Germany, where this was the norm before. In France, the amount must not exceed 1000€ to be able to pay in cash it's a sum quickly reached for gold purchases. 2,500€/day in Belgium and 5,000€ in Germany.
I don't know about other countries but this is the trend in Europe since 2011

[btctaipei]

Hi guys ! My name’s Dave.

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?ข่าวกีฬา

Any help will be fine.
Thank you in advance.

Why don't you use fiat cash like USD for money laundering?  It exists long before BTC and from what I understood you can stash it in places that are hard to find. If inflation concerns you than visit local gold coin / bar dealers with your bags of cash and have them melt down bars before you to make sure it is real.  Also you have underground money remittance services, and nearly if not all works with major fiat currency such as JPY/EUR/USD.

In some countries, it's now very difficult to buy gold and diamonds with cash, at least anonymously. Even in Belgium and Germany, where this was the norm before. In France, the amount must not exceed 1000€ to be able to pay in cash it's a sum quickly reached for gold purchases. 2,500€/day in Belgium and 5,000€ in Germany.
I don't know about other countries but this is the trend in Europe since 2011

Because since 2011 COMEX is about to default on Gold.  Banks are running dry when Jewelry / gold coin wholesale institutions takes physical deliveries.  Tooks more than 3 month to find gold and to charge 15% premium for delivery.

It had all to do with physical precious metal manipulations, and had little to do with money laundering.  No major news outlet would cover JPM precious metal manipulation and fines imposed by the regulators.

[moderator's note: consecutive posts merged]

[mich]

You could maybe get a way with it but  this is a dangerous route you are choosing to go with.
There are so many Bitcoin mixers I see on here and I wont tell you which to use but I believe many people use them for your idea.
Just have to be careful and not try to hide anything from the eyes in the sky.

[Harlot]

Bro the government won't be issuing Anti-Money Laundering (AML) regulations and compliance with crypto services if people aren't doing illicit activities such as money laundering and tax evasion. If you are asking the "how" they are doing this I think it is pretty straightforward on how they have been using Bitcoin to launder their money one of their processes in making that dirty money is through mixing it for their Bitcoin to be clean. If you are thinking about laundering your dirty money then it is really a bad idea actually there is a recent case where the owner of a tumbling service got arrested because he is helping criminals to clean their money, Larry Harmon the owner of the Helix tumbler got arrested for this.

[Jating]

You could maybe get a way with it but  this is a dangerous route you are choosing to go with.
There are so many Bitcoin mixers I see on here and I wont tell you which to use but I believe many people use them for your idea.
Just have to be careful and not try to hide anything from the eyes in the sky.

Yes, governments are really working very hard to and try to break bitcoin's (pseudo) anonymity, so he might find success initially, but when you thought that you are free and can get away with it, suddenly the government will be hard on your trail. Monero for once with its privacy focus could be one options as well, but I'm sure we all heard about the $625k reward coming from IRS to somewhat break it as well.

Bitcoin mixers/conjoin/whirlpool could be your other options here, but it doesn't mean that you can get away with it, just saying. And how can you convert it to fiat though without going to exchange which requires KYC/AML. You can use P2P but it's not very safe as well.

[sheenshane]

Is it possible to do money laundering via bitcoin?

Possible, but not only with Bitcoin, but fiat can also do money laundering too.  That's why a centralized exchanger implements this KYC.

We can't deny the fact that Bitcoin and other cryptocurrencies can be used for money laundering especially Monero besides, for those who really want to do this they can always find ways to succeed in their felonious act.  In comparison to diamonds and golds, cryptocurrencies are more complex and anonymity is more secure in making transactions although we have KYC procedure it will still not be an obstacle for any culprit to continue using this platform for money laundering.

AFAIK, even governments have no way to trace such activity in crypto transactions if one is already made for money laundering.  IF, they know how to mix their coin for harder tracing the transactions.

[7788bitcoin]

AFAIK, even governments have no way to trace such activity in crypto transactions if one is already made for money laundering.  IF, they know how to mix their coin for harder tracing the transactions.

The government should not worry about tracing cryptocurrencies but if they are legalized and every exchanges uses mandatory KYC once you convert your coins you need to explain to the government about the source of your amount. Considering the laundering amounts are huge it is impossible to do trades outside the exchange.

Despite saying that laundering might be possible but it is hard and it is easier to do that with fiat as people are laundering fiat for a long time and anyone who are deep into the shithole of making money illegal knows how to deal with them.

[Harlot]

AFAIK, even governments have no way to trace such activity in crypto transactions if one is already made for money laundering.  IF, they know how to mix their coin for harder tracing the transactions.

The government should not worry about tracing cryptocurrencies but if they are legalized and every exchanges uses mandatory KYC once you convert your coins you need to explain to the government about the source of your amount. Considering the laundering amounts are huge it is impossible to do trades outside the exchange.

Despite saying that laundering might be possible but it is hard and it is easier to do that with fiat as people are laundering fiat for a long time and anyone who are deep into the shithole of making money illegal knows how to deal with them.

I don't say that money laundering is easy but the way they show it in tv programs and movies they make it seem easy for criminals like they just create a fake business or something that earns millions aside from the fake business they also have these shell corporations where they just make it look like their personal banks where they just sit their money there. With the use of cryptocurrencies it just uncomplicates things since they can just send their money back to them just to make it look like they are earning it.

[Tamim121]

Hi guys ! My name’s Dave.

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?ข่าวกีฬา

Any help will be fine.
Thank you in advance.

In my opinion this is possible to laundering money by Bitcoin. This is so much easy and risk free. Just buy Bitcoin and send it anywhere they want. Because no one can trace its transaction. This is one of the good option to make money white from black money. There is a little bit risk. But black money owner take this risk. This is not a big risk for them.

[Lorence.xD]

That depends, I thought blood diamonds were still a thing also for storing wealth this way along with a bunch of other systems.

Bitcoin is worth very little compared to the diamond and gold industry and you can already get quite large amounts of cash across the border fairly easily afaik.

Precious metals and stones are too risky to be used for smuggling for money laundering, diamonds that are cut to smaller pieces loses their value. Gold on the other hands attracts scums that could get you into trouble when you should be avoiding one. Bitcoin is a good medium for money laundering although, it needs to be as discreet as possible so as not to attract suspicion online, we all know that someone watches the blockchain transaction. Bitcoin is not the best though, Monero will be the perfect candidate.

[yhiaali3]

Certainly, Bitcoin can be used for money laundering and there are a lot of people already doing it because Bitcoin is anonymous and the true identity cannot be known, although all the data of transactions executed on the blockchain are recorded, but no personally identifying information is recorded for the users and this means that The identity of the user cannot be known, and the tracking of transactions can also be broken by some services such as mixers. Therefore, some stock exchanges began to require KYC and also implement AML.
Of course, this is a long-standing accusation for Bitcoin that it is used for money laundering and support for terrorism, but this is completely unfair because the use of some criminals bitcoin for money laundering does not at all mean that Bitcoin is used only for money laundering, but rather that it is used for hundreds of other legitimate things.

[Poker Player]

That depends, I thought blood diamonds were still a thing also for storing wealth this way along with a bunch of other systems.

Bitcoin is worth very little compared to the diamond and gold industry and you can already get quite large amounts of cash across the border fairly easily afaik.

Yeah, well. But I think we'll agree on bitcoin being much easier to pass though borders. To pass on $ 100 million of cash through a border you'll need to hide the notes in a lorry or sth. The same as for diamonds and gold. However, if you want to pass the same amount of bitcoin you only need a hard wallet or a paper. Or you won't even need anything id you memorize you recovery seeds but I wouldn't rely only on my memory.

[jackg]

Yeah, well. But I think we'll agree on bitcoin being much easier to pass though borders. To pass on $ 100 million of cash through a border you'll need to hide the notes in a lorry or sth. The same as for diamonds and gold. However, if you want to pass the same amount of bitcoin you only need a hard wallet or a paper. Or you won't even need anything id you memorize you recovery seeds but I wouldn't rely only on my memory.

I did a bit of a search though and found this: https://www.groovewallet.com/what-a-billion-dollars-looks-like/ it depicts 100 million dollars being the size of a crate that could fit in a wardrobe, that aside, if you use €500 notes and post your wardrobe/fridge to wherever you'll be using a courier then it might still reach you (especially if you split it in 10 and pay them well for it)...

But yes bitcoin is a lot easier to smuggle through a border and especially if you just use memory (there's also not really much you can do if you remember your seed well enough) - I doubt you'd be needing to declare that). But I think bitcoin has some serious liquidity issues anyway once you get it across the border?

[hv_]

Bad idea on the open transparent public ledger - thing can and will be traced

[teosanru]

Hi guys ! My name’s Dave.

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?ข่าวกีฬา

Any help will be fine.
Thank you in advance.

There is no single answer to this question. I do not endorse money laundering but I would just like to tell methodologies of how I have seen people doing this. Black money is merely that money which has not been fed into the banking system to avoid taxes on it. Now there can be various methodologies I have seen people using BTav for is
1. That you receive BTC itself from your employer/ customers and you receive them into a private key wallet and store them. If your employer is at a distant place away from your country this surely is the safest method of hiding the proceeds as the source is difficult to be traced out. There is only one precaution which is to spend the whole amount of money in that wallet whenever you decide to. This would ensure there are absolutely zero traces. So change your wallet after every receipt.
2. You receive money in cash but later buy Bitcoin. Now this is pretty tricky today as all exchanges demand KYC while converting fiat to btc and do it using Bank accounts. So only option is localBitcoins.com. Now you are pretty safe but the moment you decide to bring in this money to spend better spend directly in BTC.
3. The way idiots do this is they Directly purchase BTC from their bank account and hide that money in tax returns. This is the worst way and you can be caught any time.

[target]

Isn't it difficult to buy BTC right now that you have to submit data for KYC?
Once your wallet is linked to someone's wallet even if you do it outside a platform then it's linked to someone. And when regulations are tightened, tracing wallets and accounts may just be easy for authorities like IRS that's been trying to crack XMR. 

[Karartma1]

It seems to me that OP is either trying to find some easy shortcut to go to jail or he/she/they probably is/are a funny attempt of a three-letter agency to come here and fish somebody. Handle with care.

[teosanru]

Isn't it difficult to buy BTC right now that you have to submit data for KYC?
Once your wallet is linked to someone's wallet even if you do it outside a platform then it's linked to someone. And when regulations are tightened, tracing wallets and accounts may just be easy for authorities like IRS that's been trying to crack XMR. 

Yup it's almost impossible. Earlier it was possible using tax heavens as exchanges located in these countries even after KYC didn't use to share the details of users with countries even on requisition but now things are different all countries have bilateral agreements with these countries and therefore there can be easy sharing of information in cases of tax thefts, money laundering and other illegal activities. Technically OP would be at too high of risk not only can his such assets be confiscated but a penalty and prosecution depending upon laws and amount can also be initiated.