Money laundering via BTC - page 20. | Bitcointalksearch.org

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Quote from: Mbah Tyo on February 11, 2017, 07:20:13 PM

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

Why would you care if people use Bitcoin for money laundering? Do you also care about people money laundering through Gold, businesses, or whatever other tool? Of course, if you follow the rules of the government, then yes, money laundering is a straight crime. But money laundering isn't always happening with money coming from theft, drugs, weapons, etc. It can also be considered you trying to 'clean' your undeclared profits that you gained with trading Bitcoin. If that's a heavy crime according to you, then probably the majority of the people here in this forum can be marked as criminal by you. Cheesy

Daniel91

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Money laundering is very sensitive issue now in many countries.
For example, in my country since the beginning of this year, banks have to send info about all bank transactions of their clients to tax office.
If tax office find anything suspicious, they will call bank account owner and ask him/her to prove source of income.
If person can't, he/she will be punished by the law.
So, in our local bitcoin community is a lot confusion and fear how to explain and report income from bitcoin.

Barbut

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How can people launder money with bitcoins? Money laundering is the process of transforming the profits of crime and corruption into ostensibly 'legitimate' assets. Bitcoin is not legitimate in many countries, my logic says that some people need to launder money from bitcoin also. How can anyone explain money from bitcoin? And how would process go if someone wish to launer money via btc.

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Quote from: Mr. Big on February 12, 2017, 06:18:27 AM

Quote from: MoneyIsDebt on February 12, 2017, 06:12:17 AM

Quote from: Mbah Tyo on February 11, 2017, 07:20:13 PM

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

it is the sad reality about the bitcoin that money laundering can be possible through it because it doesn't has any restriction for the sourse of the money.............

Lets not forget that governments are now starting to look for a way to prevent bitcoin being used in money laundering... Local central banks are now starting to make regulations on exchanges to prevent it being used as a tool in money laundering... Sooner or later, those people who will launder will be exchanging their money to bitcoin face to face....

The system of bitcoin will not be interrupted and we can still normally trade just like what we do now, in addition spending bitcoin would be more easy. But with that progress, as we go bigger, the government are making measures to prevent money laundering and I believe it would not be hard for them to do it, they can trace transaction by requirement exchanges to comply with the laws.

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Quote from: MoneyIsDebt on February 12, 2017, 06:12:17 AM

Quote from: Mbah Tyo on February 11, 2017, 07:20:13 PM

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

it is the sad reality about the bitcoin that money laundering can be possible through it because it doesn't has any restriction for the sourse of the money.............

Lets not forget that governments are now starting to look for a way to prevent bitcoin being used in money laundering... Local central banks are now starting to make regulations on exchanges to prevent it being used as a tool in money laundering... Sooner or later, those people who will launder will be exchanging their money to bitcoin face to face....

MoneyIsDebt

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Quote from: Mbah Tyo on February 11, 2017, 07:20:13 PM

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

it is the sad reality about the bitcoin that money laundering can be possible through it because it doesn't has any restriction for the sourse of the money.............

deppil

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Quote from: rchstr on February 11, 2017, 10:46:01 PM

Quote from: erickkyut on February 11, 2017, 09:51:03 PM

Quote from: BeGoods on February 11, 2017, 08:25:26 PM

Quote from: Mbah Tyo on February 11, 2017, 07:20:13 PM

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

although you say that it is a strange thing. but rather on the black market. bitcoin anonymity and decentralization is very helpful for those transactions. in fact bitcoin is very helpful to anything confidential

Yes even though bitcoin was not created for the purpose of money laundering, some people are abusing it and taking the opprtunity to use it in illegal activities such as.money laundering because bitcoin has full anonimosity and decentralization. No matter how illegal it is, they cannot be caught.

we cant say that bitcoin is not created to be the main purose is money laundering. we all know that bitcoin is anonimous so it is hard to trace who is the owner of the wallet. so we just wait to the developers to develop the security of users of bitcoin so that we cannot say that the bitcoin is being used as the way for money laundering

I think bitcoin created for a free transaction. regardless bitcoin related to illegal activities or not. it all back on each user, since there is no control of bitcoin itslef

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Quote from: Mbah Tyo on February 11, 2017, 07:20:13 PM

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

but some irresponsible people who do that. not everyone in this world has a good nature.
we as part of bitcoin users should be able to prevent bitcoin from improper usage.

rchstr

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Quote from: erickkyut on February 11, 2017, 09:51:03 PM

Quote from: BeGoods on February 11, 2017, 08:25:26 PM

Quote from: Mbah Tyo on February 11, 2017, 07:20:13 PM

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

although you say that it is a strange thing. but rather on the black market. bitcoin anonymity and decentralization is very helpful for those transactions. in fact bitcoin is very helpful to anything confidential

Yes even though bitcoin was not created for the purpose of money laundering, some people are abusing it and taking the opprtunity to use it in illegal activities such as.money laundering because bitcoin has full anonimosity and decentralization. No matter how illegal it is, they cannot be caught.

we cant say that bitcoin is not created to be the main purose is money laundering. we all know that bitcoin is anonimous so it is hard to trace who is the owner of the wallet. so we just wait to the developers to develop the security of users of bitcoin so that we cannot say that the bitcoin is being used as the way for money laundering

erickkyut

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Quote from: BeGoods on February 11, 2017, 08:25:26 PM

Quote from: Mbah Tyo on February 11, 2017, 07:20:13 PM

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

although you say that it is a strange thing. but rather on the black market. bitcoin anonymity and decentralization is very helpful for those transactions. in fact bitcoin is very helpful to anything confidential

Yes even though bitcoin was not created for the purpose of money laundering, some people are abusing it and taking the opprtunity to use it in illegal activities such as.money laundering because bitcoin has full anonimosity and decentralization. No matter how illegal it is, they cannot be caught.

BeGoods

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Quote from: Mbah Tyo on February 11, 2017, 07:20:13 PM

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

although you say that it is a strange thing. but rather on the black market. bitcoin anonymity and decentralization is very helpful for those transactions. in fact bitcoin is very helpful to anything confidential

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Quote from: HarryKPeters on February 11, 2017, 08:03:09 PM

Well yeah but your words won't stop criminals to launder money, in a way it's what makes bitcoin attractive for third parties like consumers but also criminals. There is no way to stop that things from happening. If it was possible law enforcement would have stop them with fiat money first.

I think that law enforcement may still be able to stop them if law enforcement knows. Because we know some cases of selling drugs with bitcoin can be known by law enforcement. Although cases of money laundering and selling drugs there is a little different but there are similarities there. And I think law enforcement has a way to track it. Thank you

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Quote from: Mbah Tyo on February 11, 2017, 07:20:13 PM

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

Well yeah but your words won't stop criminals to launder money, in a way it's what makes bitcoin attractive for third parties like consumers but also criminals. There is no way to stop that things from happening. If it was possible law enforcement would have stop them with fiat money first.

Mbah Tyo

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do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

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Quote from: Gloiri on February 11, 2017, 07:59:57 AM

Quote from: pinoycash on January 09, 2017, 01:47:48 AM

If i am rich/millionaire and want to escape huge taxes, i would rather buy bitcoins to hide my wealth and save on taxes. No one from the tax department known bitcoins.

I don't really think its possible, who's know thy're aware about it. about laundering. Yes it is possible money laundering with the help of BTC. but its not easy its to much difficult

It's not difficult, Some exchange site (my local exchange was offering bitcoin voucher and you can buy them with your local currency) and it is possible to be a way for the money laundering.
you can buy them through the directional transaction. It was opening the big chance for bitcoin to become the money laundering's way.

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Quote from: Harlot on February 11, 2017, 08:30:26 AM

Quote from: Mr. Big on February 11, 2017, 08:08:26 AM

Quote from: Decoded on February 11, 2017, 07:57:40 AM

Yes, it's possible to launder money using Bitcoin. Just like it's possible to launder money using gift cards, cash or gold. Nothing special or absurdly horrible that you can pull out of this one.

That's why governments like China are putting down all these regulations.

Philippine government has done the same...Bangko Central ng Pilipinas is starting to make a guidelines for exchanges so they cannot be used as a tool in money laundering.... With that said, authorities know that bitcoin can really be used in that activity and at the same time protect its people... I am sure, this coming years, many government will be doing the same...

Putting regulations on exchanges won't have any affect if your wallets have a direct option of converting your Bitcoin to Fiat via bank deposity to any bank account. Laundering your money will be easy with that kind of plan as you can create bank accounts in different banks easily. They will always have a way to slip on the grasp of any government regulated tax.

very honestly yes if we are using bitcoin for illegal transaction of a huge amount of money from one country to another then we are involve in money laundering. but i think governments themselves are responsible for that if they are not accepting bitcoin as legal currency.

Railholic

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i think yes it is , cause to easy to loundering money in bitcoin
no one knows where your money coming from
many bitcoin virus too now , when your ctrl+v it be another one bitcoin wallet addres not your address

Devboy

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Quote from: thunderbitz2717 on February 11, 2017, 02:30:44 PM

Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Yes very much possible to do money laundering via bitcoin, that's why before bitcoin got banned because of that things. I wish that none of the community in bitcoin world will not abuse it in any illegal matters/illegal activities such as like money laundering or others.

Todays great concious are bitcoin illegal activity.Yes there a chance money laundering so it increase crimes in our society or others bad affect like government of many countries still got banned this digital currency.At this stage,we all need to be more careful about that.

thunderbitz2717

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Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Yes very much possible to do money laundering via bitcoin, that's why before bitcoin got banned because of that things. I wish that none of the community in bitcoin world will not abuse it in any illegal matters/illegal activities such as like money laundering or others.

Mr. Big

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Quote from: Harlot on February 11, 2017, 08:30:26 AM

Quote from: Mr. Big on February 11, 2017, 08:08:26 AM

Quote from: Decoded on February 11, 2017, 07:57:40 AM

Yes, it's possible to launder money using Bitcoin. Just like it's possible to launder money using gift cards, cash or gold. Nothing special or absurdly horrible that you can pull out of this one.

That's why governments like China are putting down all these regulations.

Philippine government has done the same...Bangko Central ng Pilipinas is starting to make a guidelines for exchanges so they cannot be used as a tool in money laundering.... With that said, authorities know that bitcoin can really be used in that activity and at the same time protect its people... I am sure, this coming years, many government will be doing the same...

Putting regulations on exchanges won't have any affect if your wallets have a direct option of converting your Bitcoin to Fiat via bank deposity to any bank account. Laundering your money will be easy with that kind of plan as you can create bank accounts in different banks easily. They will always have a way to slip on the grasp of any government regulated tax.

Well, probably they are next in line...

But anyway, it's not a big problem... One way or another, the one who receive your bitcoin will be cashing it out to fiat, and there will always be someone who will pay for it ( the money launderer ).. Lets not forget that banks are being regulated, therefore, if a big amount is being deposited, it is already questionable and subject to investigation...

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