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by konschubert 3251 days ago
It is only money laundering if is done with money that is the result of a crime.

Just like a trader is only a fence when he trades stolen good.

Therefore, by definition, money laundering is assisting a crime. If the crime had a victim, then, by proxy, laundering the money of the crime is not victimless either.
2 comments
jnbiche 3251 days ago
This is absolutely not true, at least in the US. If you are a business that transmits even 100% lawful funds without registering with FINCEN and registration as a MSB in your jurisdiction, you can and will be charged with money laundering.

Also, using your argument about money laundering, what about a restaurant that serves mostly mafioso, but never engages in any unlawful activity themselves. They are providing food to criminals, which is even more critical to their criminal enterprise. After all, the mafia can't commit crimes if they can't eat, right? And they are paid with funds that result from crimes. By your analogy, the restaurant owner is assisting in a crime. So should that restaurant owner be charged with some kind of new crime? (like money laundering is a relatively new crime that has been created over the past 50 years) Like, criminal gastronomy, feeding in the 3rd degree, or something?

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MichaelGG 3251 days ago
Simply not true. Look up Hawala, a money transfer system that's been around for over 1000 years. Use it in the US and be prepared to deal with money laundering charges, regardless of the lack of crime. Or just try having your small business make repeated $9000 deposits of completely legit and clean money.

Money laundering is now about not reporting all your financial movements to the government. It's surpassed the even controversial idea of using it against criminals in lieu of real crimes.

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jnbiche 3251 days ago
> Money laundering is now about not reporting all your financial movements to the government.

It's surprising how many people are unaware of this, even on a forum composed of fairly informed people like HN.

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mirimir 3251 days ago
Right, and if you're lucky, they'll just steal all your money.
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