Tuppins

LOL, well said. And succinct to boot! We could have just summed up the thread with that.

jimmyjackfunk

I frequently wonder about EDL.

prasha11

If it quacks like a duck its a duck, but some argue why its not a duck....

tuphat

Please, about as similar as a duck is to a dinosaur. Liberty was designed from the ground up to facilitate illegal activity. From the article:

It had allowed users to open accounts and transfer money, only requiring them to provide a name, date of birth and an email address.

Cash could be put into the service using a credit card, bank wire, postal money order or other money transfer service. It was then "converted" into one of the firm's own currencies - mirroring either the Euro or US dollar - at which point it could be transferred to another account holder who could then extract the funds.

The service promised that payment transfers were "instantaneous" and it charged a maximum of $2.99 (£1.98) for each transaction. It also offered a private messaging facility which it said was "much more private and secure than email or instant messenger services".

Security expert Bryan Krebs said Liberty Reserve's features had made it a popular among cybercriminals who wanted to move funds and make payments anonymously.

However, others said they had used the service for legitimate means, viewing it as a cheaper alternative to PayPal. They fear they will now lose money still sitting in its accounts.

Father-of-3

The key is for us to not look like ducks by flooding things the ducks don't do. Like making bank deposits OVER $10,000. Someone with nothing to hide makes one large bank deposit instead of two small ones.

jewsus

I was accused of money laundering by a bank even when I told them what I was doing. I asked them to please explain what makes my money dirty and requires detergent and water. Biznitch couldn't do it, just stuck to her guns that I was a dirty criminal.

prasha11

I wonder.....

Banks = Laundromat (licensed) ?

TheDapperDon

why.are.you.here.

if you think it's illegal.

prasha11

a good question?

Not surprised! (how can she convince u to pay for dry cleaning ) most bank branch employees are tellers (min. wages), managers are basically senior tellers, They have very limited banking knowledge (need to know basis)...some are poorly trained or not willing to learn.
Most of the ML fines collected by the Justice dept are from banks. Every year some bank or other is paying billions in fines. I wonder, banks have best law firms services in the county yet end up paying billions.....what is so illegal but worth doing?

If we can find the answer, can we all get rich? is.the.reason.we.are.here.?

Alcibiades

Who is we all ? Lawyers ?

prasha11

ha ha ha ....a good one! did not see coming

I am thinking...The CC money we use to buy the GC is clean, our assumption? do we have a right to ask that question?
.

hamokmonky

No kidding. Also, why was a 2 year old thread dredged up? Wish they would lock them after certain level of inactivity.

horseymen

It's not a bad thread - but it does seem like dredging up old stuff - but with the structuring discussions going on in congress and IRS - as well as some new regulations starting in March/April - the economists should be talking about these things in this group.

prasha11

Which new regulations starting in March/April are you referring to? links?