Do you have to launder drug money?

In order to invest the profits of their illicit activities and avoid having their assets seized by the government, drug traffickers must transform the monetary proceeds from their criminal activity into revenue from apparently legal sources. This is known as money laundering.

Do cash only businesses launder money?

“Money laundering almost always involves cash,” says Myers. “You can’t launder money using a credit card, or a wire transfer, or cashier’s check, because they’re traceable. So you are looking for a business with a lot of cash turnover.

How do criminals launder money through car dealerships?

In a typical scenario, a criminal approaches a car dealer and offers to provide the cash to purchase vehicles, typically at a price above the sticker so the dealer can cash in, too. This type of money laundering chain is complicated and relies on trust.

Are used car lot salespeople laundering money?

When we visit a used car lot, we expect the rigmarole, and even plan for it. That’s why, if you have to find a salesperson to show you a vehicle, a mental trigger should go off that something is amiss. And it just might b e money laundering — a crime happening almost daily in the United States.

Is America’s used car lot a money laundering hub?

And it just might b e money laundering — a crime happening almost daily in the United States. If you pay attention to the news, you know that used car lots have now emerged as one of America’s most popular money washing venues.

What are some examples of people who manage money laundering?

Sometimes it’s your doctor, lawyer, judge, yep that’s right judge, business owners (especially car dealers for some reason) and pillars of communities who do this successfully for many years then get out while the gettins good. , It’s like a river. Money laundering is a sophisticated business.