Crowd funding laundromat

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Crowd funding laundromat

Postby zetreque on July 26th, 2017, 2:05 am 

Is crowdfunding a great new way to launder money?

You have a bunch of illegal money. How easy is it to "donate" it to a project to create something physical that you can then use to make more money or sell off?

There are so many crowd funding projects these days, is anyone paying attention to it? In the current government, it doesn't feel like anyone gives a damn right now. The bodies are there but no one is minding the store. Should we be even more concerned about fraud right now?

It seems this is a valid concern.
EBA calls for tighter money-laundering curbs on crowdfunding
https://www.centralbanking.com/central- ... owdfunding

https://www.casewareanalytics.com/blog/crowdfunding-new-cover-money-laundering
http://www.chicagotribune.com/business/ct-crowdfunding-fincen-sars-1015-biz-20151015-story.html
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Re: Crowd funding laundromat

Postby SciameriKen on July 26th, 2017, 9:10 am 

Dang! When things are too good to be true they probably are... This would be so easy -- so many listings on GoFundme for people needing help with a medical problem - Is it the job of GoFundMe to ensure these are vetted? They benefit just as much!
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Re: Crowd funding laundromat

Postby zetreque on July 26th, 2017, 10:29 am 

Got the idea from Watson's post yesterday about the new Russian Satellite that was crowdsourced combined with reading all the stuff about how president 45 has been made into the man he is by Russian mafia combined with my own thoughts about how inflated the stock market currently is that doesn't make sense either.

Seems like technology is moving so fast now that it opens the door for criminal activity faster than "government" can keep up. Similar to how states are more aggressive at adapting to technology policy than national government is at adapting OR how culture isn't adapting fast enough to technology progress.

How do we fix problems like this?
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Re: Crowd funding laundromat

Postby Watson on July 26th, 2017, 10:38 am 

Doesn't the money laundering deal with cash? Not being a criminal, I'm not sure how money through a credit card gets laundered, which is how you fund the various campaigns as far as I know. But yes the criminal will figure a use for this faster than the regulators.
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Re: Crowd funding laundromat

Postby zetreque on July 26th, 2017, 10:42 am 

Watson » Wed Jul 26, 2017 6:38 am wrote:Doesn't the money laundering deal with cash? Not being a criminal, I'm not sure how money through a credit card gets laundered, which is how you fund the various campaigns as far as I know. But yes the criminal will figure a use for this faster than the regulators.


Good point.
hmm
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Re: Crowd funding laundromat

Postby Watson on July 26th, 2017, 10:44 am 

From what I could read they mentioned it, but no details. But I have to sign in to some of that so, not.
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