Imagine you have some extra cash, a million dollars, for instance. And maybe you would want it to be your little secret kept away from various tax authorities. Or maybe you don’t want your wife or husband to know about it. Or your children. Luckily. With a little financial bleach, money laundering is very much possible. Your dirty dollars may be hidden more or less untraceable.
China is ahead in this kind of antique art. Between 2002 and 2011, mere one trillion dollars departed the nation illegally, regardless currency control rules and regulations that obligated people to get a permit to exchange more than fifty thousand dollars a year worth of yuan into any other currency.
From crooked political figures and drug lords to famous athletes, everyone’s doing it. Americans transferring their money offshore are finding their efforts limited by Washington’s Foreign Account Tax Compliance Act that requires international banks to turn over data about accounts held by American citizens. But many other paths are still open for those willing to break the rules. Here is the list of five.
Money Laundering Tip Number One: The Chines Land of Offshore
Places like Macau and Hong Kong are perfect spots to launder cash. Macau is the Wold of all Casino with seven times more revenue than Las Vegas. Hong Kong, on the other hand, is the capital of compliant banks and other agencies willing to send your money anywhere without asking too many questions.
First, Find Yourself An Agent
Let’s say you got some dirty cash that is needed to be bleached. First, you should find yourself a partner/agent who will help you convert your yuan into another currency without being spotted by the government. The agent will give you casino chips for your money, minus generous “service” fees of up to 20 percent.
Go to The Casino
Take your chips to a crooked-friendly casino, where you can “gamble” with them. Cash the chips in for the U.S. dollars to then do whatever you want with them. For extra safety, you could take the money to a lawyer specializing in offshore schemes. In the meantime, the casino will mix your chips with the other ones, and its clerks will mark your one million dollars as paid out winnings.