How easy is it to get rid of cash ?

[HavocXphere]

Why would it have to be laundered? Surely the best way to use it would be to stash it away and use it to live off on everything that is not reported? So pay for electricity and municipal rates, pay monthly insurance premiums, pay school fees, pay for fuel, car installments food, entertainment all in cash or bank deposit's. That way any legitimate\taxed income you receive can be kept in the bank and invested\saved.

Too small scale. People that acquire money illegally are not interested in paying electricity bills they want to buy 5 Ferraris.

 

[patrick]

Anyone see how the wolf of wall street did it. Wear the cash to Switzerland!

 

[goga]

Seems goga is though

Financial background, so basic knowledge of it.

And its fascinating to understand things like the hawala/halala system of money transfers thats been in existence for decades (mostly for moving money between countries, not so much for laundery - but now used for a lot more..).

 

[RichardG]

Personally I'd go to a casino, buy in for R20k and play till I either win so I have more than 20k or less than 17k. And then I'd cash out and go to the bank.

EDIT: wait, we are talking about dirty money right?

Pit boss/supervisor will ask your name every time you join any table game roulette/blackjack/puntobanco/ if you drop R5 K then they will definitely want form of identification,if you win over R1000+ chip everything is captured on their system upon cashing out anything over R5 K positive identification is required or else they won't release funds. They verify, contact the the table where you were playing.

Money lenders are always available on the premises you can always start to become a money lender and let them EFT to your account. Seen some big punters ask for R200 K, granted, tomorrow they pay 10% interest, every 3 days after

Not exactly money laundering scale. Oh and casinos are specifically checked for money laundering (as its the obvious choice) so no good.

Back in the day there use to be a big punter*businessman*, every time he would win over R10 K+ he would ask them to make a copy for him for his records that way if nkandla visited him his affairs would be in order.

We accept it, yes. But we report any amount of R20 000 and over paid in cash in line with new legislation. I think it is covered by FICA.

Correct.

Showing books to SARS?

What kind of money laundering business idea is that.

This is a pure cash exercise.

If you want to go out and buy clothing pay cash or make that money work for you and loan money

Seen lots of them loan money in the casino - they make a decent living R50 - 200 K