What is Money Laundering? 🧺

What is Money Laundering? 🧺

🙌 H E L P F U L L I N K S 🙌

#shorts #humphreytalks

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😺 WHO AM I: I am not a cat. My name is Humphrey Yang, I've built multiple businesses and am passionate about Personal Finance, Investing, among other things! If you're trying to build a solid foundation of financial literacy, learn to invest, or become financially free - then I'm here for you!

PS: I am not a Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for.

[fenseti]

that explains why my barber only takes cash

[navimusicpr-qg]

Bro the example he gave will get you arrested let me explain, he said imagine you have a restaurant and it makes 10k monthly sales if you do what he did and all of a sudden claim it make 20k that’s a massive red flag because the IRS will be like hold the fuck up this business has been making 10k a month for years and all of a sudden out of nowhere it’s making 20k? They’re going to investigate and you will get caught. What you have to do is instead of that say the restaurant makes 10k a month what you’re going to do is replace half of that clean business income with the dirty money 5k clean money and 5k dirty money

[RoyalHim]

Nobody ask if its clean or dirty, they ask real or fake.

[milanpatel]

Ohk I understood upto that, but do they pay taxes on that extra 10k? I dont think so. You explained money laundering not completely.

[speeddemon]

Or you could do it through scratch tickets, but conversion fee is bad.

[HeyMavDak]

Sounds like a Looney Tune Theory as it would be obvious that the money didn't come from that business. It seems it would be more difficult to figure out if the business deals with subjective value such as art.