So… I started scimming through the artcle, and they basically convert the money to cryptocurrency? Don't know if the article really contained anything other interesting details.
The F.B.I., China’s Ministry of Public Security, Interpol and others have tried to combat scammers, who often lurk on social media and dating apps, luring people into bogus financial schemes or other ruses.
It's the IRS and FBI that does the overwhelming bulk of the investigative work and also opens the investigations. Interpol hardly does anything by comparison and have much less doggedness (it was the US who found Bin Laden for example). It typically helps the US, not actually initiates the investigation. At best its like a sidekick.
The question is, does the US get involved. If not, then laundering will work, because the vast majority of countries have neither the inclination or resources to do much. Otherwise, all bets are off. Because the US is unrivaled at this sort of stuff.
The article in typical clickbait fashion overplays its claim in the headline and then walks it back in the content. It's not that effective if accounts are constantly being tracked and frozen and if the scammers' profits are heavily diluted in an attempt to launder the money. if anything ,this is a success by imposing a huge cost on scammers and reducing the profitability of said scam.
I wonder how much of these kinds of issues that we are told are "complex" and "multi-faceted", "no easy solution" etc could be significantly reduced if there was actual political will to do so.
Where I live, there is a chain of "vacuum repair" shops. There are like 4 – 5 of them in an area no bigger than 60 square miles. I've always assumed they were a money laundering front. Are that many people repairing their vacuums?
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11 Comments
bookofjoe
https://archive.ph/1f2mL
lazyant
or you can just bring a bag of cash to buy a condo in NYC https://theweek.com/articles/736313/how-foreign-investors-la…
storf45
This is the plot of the movie, ‘The Beekeeper’.
earnesti
So… I started scimming through the artcle, and they basically convert the money to cryptocurrency? Don't know if the article really contained anything other interesting details.
paulpauper
The F.B.I., China’s Ministry of Public Security, Interpol and others have tried to combat scammers, who often lurk on social media and dating apps, luring people into bogus financial schemes or other ruses.
It's the IRS and FBI that does the overwhelming bulk of the investigative work and also opens the investigations. Interpol hardly does anything by comparison and have much less doggedness (it was the US who found Bin Laden for example). It typically helps the US, not actually initiates the investigation. At best its like a sidekick.
The question is, does the US get involved. If not, then laundering will work, because the vast majority of countries have neither the inclination or resources to do much. Otherwise, all bets are off. Because the US is unrivaled at this sort of stuff.
The article in typical clickbait fashion overplays its claim in the headline and then walks it back in the content. It's not that effective if accounts are constantly being tracked and frozen and if the scammers' profits are heavily diluted in an attempt to launder the money. if anything ,this is a success by imposing a huge cost on scammers and reducing the profitability of said scam.
mentalgear
Seems like the easiest way to launder or bribe someone is still crypto. Might not be an investor's paradise, but certainly a launderer's.
lazyeye
I wonder how much of these kinds of issues that we are told are "complex" and "multi-faceted", "no easy solution" etc could be significantly reduced if there was actual political will to do so.
I think a lot.
TacticalCoder
[dead]
xyzzy9563
Buy crypto, convert it to Monero, transfer it around a bit, convert it to your destination currency. Done.
486sx33
Unfortunately, outlawing cash transactions really isn’t good for people. I know the cause sounds good here but the method isn’t wonderful.
bentobean
Where I live, there is a chain of "vacuum repair" shops. There are like 4 – 5 of them in an area no bigger than 60 square miles. I've always assumed they were a money laundering front. Are that many people repairing their vacuums?