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The Digital Ways Of Money Laundering in the World

The Digital Ways Of Money Laundering in the World

Money laundering is the process of legalizing and clearly disclosing the income earned illegally. Some crimes, such as extortion, insider trading, drug trafficking, and extorting money from terrorist activities, are "dirty" and need to be "cleansed" so that it appears to have been derived from legal activities. The use of the Internet helps money launderers easily avoid detection. With the rise of online banking institutions, anonymous online payment services, the transfer of money using mobile phones and the use of virtual currencies, it is now more difficult to detect illegal money transfers. Further, the use of proxy servers and anonymous software makes it almost impossible to detect the third component of money laundering, as little or no address of any IP address can be transferred or withdrawn. Is. Money laundering can be done through online auctions and sales, gambling websites and even virtual gaming sites. Here are some unconventional ways to keep an eye on it:

1. Online Marketplace
Today's shared economy has enabled people to earn extra income from their resources. Whether they are sharing their accommodation, their own ride, or any expertise with them, this sector is broken. As a result, micro-traders are increasing the number of people offering their products or services through the online marketplace. In one example, money launderers make fake bookings and distribute revenue with the host, and the price may rise sharply - pop 3000 pop.

2. Instant messaging
The growing trend of instant messaging apps has gone fast, including sending text and images to pay for easily offering a range of services. One of the most important daily use by 600 million users is vChat. This allows people to pay via tape or photos snap, and it has almost ex-existed cash transactions in China with its main competitor, Alpay. Likewise, Facebook Messenger service has integration with PayPal, MasterCard, American Express, TransferWise, and Western Union. Although the volume and number of accounts is enormous, all transactions are digital, which monitors and monitors illegal activity, which is very easy.

3. Crypto currency
A digital currency, designed to serve as the center of exchange, offers criminals a new avenue to clear their money. The most famous digital currency is BitCoin, which was created by a hacker in 2009 who wanted to create a currency that was free from government regulation. To solve complex math problems, bitcoins can either be obtained by competing against others, or purchased from someone on the Currency Exchange website. Crypto currencies are so volatile, diverse and subject to decentralized control, easy to pay anonymously that is difficult to detect. Recently, Crypto Exchange Coinbase has released a debit card that will allow people to use their digital assets to pay for goods online and in stores. Facebook recently announced the launch of its own crypto currency, Libra, which shows popularity.

4. Transaction Laundering
The most common scheme is transaction transfer, in which illegal merchants use approved merchant payment certificates to process e-commerce transactions. It's so easy to set up an online storefront for illegal sales and then resume transactions with legitimate merchants.

5. Digital payment platform
Criminals use the daily digital payment platform to make money. For example, a $ 10,000 PayPal transaction will flag AML warnings. But in each of the 100 paypal transactions, no notice will be attracted by the watchdog. Other digital payment platforms like Venmo are also used to transfer illegal funds. The FBI uncovered a group of $ 6 billion involved in online laundering of digital currency under the name of "LR" using "third-party" exchangers, "from countries like Malaysia, Russia and Nigeria, where The government is under no supervision. These exchangers received payments, and were then detained and returned to the offenders' accounts.

6. Online Bidding Sites
Criminal micro-laundering minals use online bidding websites. From fake auctions on eBay to fictitious job postings on Favre, money can be transferred easily and quickly. In 2017, the FBI thwarted terrorist attacks on US soil. They found that the offender posted a fake auction on eBay, which was financed by ISIS agents. These people can be hired as "mules" to apply for an online job posting, after which the money can only be transferred to the employer.

7. Gift Cards
Under this scheme, fraudsters can load cash on a variety of prepaid cards, such as visa gift cards or store cards. With a little legwork, these funds can be deposited into cash deposits in bank accounts. Can copy serial numbers of fraud cards. Remove the security codes and then cover them. Then, when the card is activated, they can access the funds in the card. Although they cannot redeem the funds directly for cash, they can use them to buy the products they sell for cash (send the product directly to the buyer).

8. Prepaid Cards
Criminals quickly buy large numbers of prepaid cards using stolen debit or credit cards. After that they will pay for hard cash. Can sell cards. Prepaid cards are traded face-to-face to avoid any records.

9. Online games
Illegal money is converted into gaming currency, then transferred to real, usable and unusable "clean" money. Criminals set up multiple accounts in multiple jurisdictions, buy credits in the game, and transfer those credits to wash money.

10. Online casinos
Criminals attend a casino and buy chips with online payments. They play for a while and then round up the chips by receiving a receipt to show the proceeds as a gambling win.

11. Other methods of gambling
Preferably Money is spent on gambling for high difficulty sports. One way to minimize the risk with this method is to bet on every possible outcome of an event that has many potential consequences, so there are no short differences in any outcome, The loser just loses out and takes one or more winning bets. Which can be shown as a source of money.