Author

Topic: Does stolen goods laws similar to stolen money? (Read 422 times)

newbie
Activity: 25
Merit: 0
January 03, 2014, 09:56:26 AM
#5
Are you located in the US?

Have you read the FINCEN guidance note?

http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

I am from Malaysia(South East Asia).
FinCEN starts going off the tracks early on, as they carefully define a “User” (not subject to MSB registration) as “a person that obtains virtual currency to purchase goods or services”
Since my purpose is for reselling I guess I still need to register with FinCEN.
legendary
Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
Are you located in the US?

Have you read the FINCEN guidance note?

http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
newbie
Activity: 25
Merit: 0
I been trying to reading AML and CFT for few days and I am still clueless. If I am doing trade in good faith and  I duno that someone is purchasing bitcoin for the the purpose of money laundering. What kind of situation I might facing. I do think that i dont have the responsible to identify the intention of buyer.
legendary
Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
If you are selling local bitcoins for profit and you facilitate money laundering then yes you could have a serious problem. 
newbie
Activity: 25
Merit: 0
I just read somethings from reddit so call "Arrested by the police for localbitcoins business" .http://www.reddit.com/r/Bitcoin/comments/1to08d/arrested_by_the_police_for_localbitcoins_business/I will like to open one discussion here. Lets there is  a robber or drug trafficker  deposit his dirty money into the bank and using bank transfer to buy bitcoin from. Would I facing any risk in term of money and legal? Does stolen goods applied to stolen money for example I do no have the ownership of stolen money or unlawful money? My worst case scenario is my bank account being seized for investigation only or I might pay more money than I earn for legal aid? or I be in jail? or etc.

Remark:I duno the story by throw_localbitcoins is truly happen or not.
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