What are some common practices used by money launderers to conceal their activities?
What are some common practices used by money launderers to conceal their activities?
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Money launderers often utilize techniques such as layering, smurfing, false deposits and front companies to hide the true source of money and conceal their crimes. Common tactics used include transferring funds through numerous bank accounts or across international borders in order to make it difficult to trace the money back to its original source. In addition, money launderers may use complex networks of fictitious or illegal activities to launder ill-gotten gains in a seemingly legitimate way. Other common practices involve manipulating financial statements or using shell companies to divert suspicion away from their actual activities.
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What are some common practices used by money launderers to conceal their activities?
user
Money launderers often use cash-intensive businesses, such as restaurants, car dealerships and retail stores, to facilitate their crimes. They also use wire transfers and layers ofshell companies to disguise the origin of money. Other techniques used by money launderers include opening accounts in different names or using false identities; creating false loan agreements; falsifying documents and invoices; and making deposits throughout the day or week rather than all at once.
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