Withdrawing large sums from a bank?

iamesbo

Just tell them you will be speeding the money on prositutes, that should shut them up

harry_w

The amount of business some takeaways seem to do, I wonder if some of them are kept afloat with money from other sources.

I heard tanning salons were another favourite, money added to the turnover doesn't even have to relate to purchases (the product/service being intangible).

A couple of days after Iceland's last bank was taken down by Brown & Darling, one analyst on Bloomberg made some veiled hints about the sources of money flowing through its system. [I thought of Russia, though the place wasn't mentioned, they offered a sovereign loan to Iceland immediately]

iamesbo

Doesn't have to be a club, it could be any business, most of them seem to be run by crooks anyway. My gas bill is probably going to a drug dealer :mad:

harry_w

I have wondered about laundered accounts where the account holder never manages to collect the money. Do the banks just hold them as capital or seize it for themselves after a period of time?

Jonbvn

iamesbo wrote: »

Doesn't have to be a club, it could be any business, most of them seem to be run by crooks anyway. My gas bill is probably going to a drug dealer :mad:

Nothing personal.

!!!!!! give the Xmas scam BS a rest!

You do understand that Xmas is the best marketing ploy ever devised?

iamesbo

The banks just freeze the account and presumable pocket the money after a while, assuming they have not lost it all on bad loans.
Actually one of the causes of the credit crisis is likly to be drug dealers withdrawing their money because of tighter controls, and other people withdrawing money they have not declared to the authorities because fo increased snooping powers.
Still nice to see they are cracking down on 'crime' whatever the cost.

iamesbo

Jonbvn wrote: »

Nothing personal.

!!!!!! give the Xmas scam BS a rest!

You do understand that Xmas is the best marketing ploy ever devised?

Xmas is not realy a marketing scam, it was around a long time before Sainsburys and Currys etc,or at least a similar Winter festival was.

I am not taken in by marketing bull, Xmas or not.

Blah99

amcluesent wrote: »

Drug dealing results in huge amounts of cash, but in small denomination notes which are problem just in terms of the amount of space taken up.

'smurfs' are employed to pay the cash into bank accounts, but not in amounts or so frequently they arouse suspicion. Once the cash is in accounts, it can moved electronically through any number of intermediate accounts. Drug dealers also like to own business which generate large amounts of cash (i.e. clubs) so that the drugs money can be added into the takings and processed into the banking system. Pretty much any privately owned club will have a drugs connection.

That is not how money laundering works. I'm not going to post the details, but simply moving money electronically through intermediate accounts does not "launder" the money in the traditional sense. All electronic transactions and correlated large cash transactions (withdraw £10k from account A into cash, pay same £10k into account can be easily tracked by the authorities.

The entire purpose of money laundering is to move it through assets that sever the link between the end result and the initial source. An example of "proper" money laundering would be to withdraw £5k from a British bank, then fly to the USA. Use an exchange to convert the £5k to dollars, then deposit it into two separate banks. Then fly back to the UK. Use a US Paypal account linked to a credit card to send money to a British recipient who can then deposit the cash. The dollars in the two separate bank accounts are then used to pay off the credit card bill.

Again let me highlight that this example is ridiculous and unworkable for several reasons, but it highlights the point - the British authorities could not determine that the end deposit into a UK bank from a paypal account originated in the UK. All sorts of assets can be used for money laundering - cars, property, land, jewellery, financial instruments etc...