131–140 of 238 posts
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I use a credit card that I pay off in full every month and I get 2% cash back paid for by interest other users pay.
Don't you pay 3% of every purchase to your credit card?
How can one write about money laundering without talking about crypto currencies ?
All of Bullough's books are worth your time and variously go deeper into this very subject.
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> You can't get any high value notes there, they just don't exist Yes, although this is mostly by capping the highest regularly circulating note at £50 after the war and then waiting for inflation. > And there's so much street crime, [mostly false] > and the police care so little about burglary, Sadly true (including "find my iPhone" reports; there was a joke during the Mandelson scandal that this was the one time th…
>>Sadly true (including "find my iPhone" reports I'll give you one better. I know someone who had their nearly new Range Rover stolen in Manchester - reported to the police etc. Few days later, they found it parked at a car park near a big supermarket. Rang the police, they said well, if you still have the keys...just take it? And he was like hang on, you don't want to look at it, check for drugs, take fingerprints,…
Curious how that line is received within the HN crowd.
I guess I don't really understand it. I understand how a bank robbery leads to dirty money - the bank has the serial numbers. In what way is money from selling drugs "dirty"? Why does it even need laundering?
Criminals are not afraid of the police but afraid of the IRS. Smuggling and selling prohibited goods is super easy, but then you suddenly have a shitload of cash but everybody knows you as an unemployed bum without career, and they would report you to authorities if they see you in a supercar. They need a cover story and career that allows them to "earn" money without raising any suspicion. As the other commenter sai…
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It used to be super common for many small businesses to be cash only or a 10% discount for cash. Likely the main driver for this was tax avoidance. I haven't seen a cash only business since covid. With a dwindling number of legitimate cash users, any business that is pulling in huge sums of cash well beyond the average is going to look increasingly suspicious.
> I haven't seen a cash only business since covid Collectibles (e.g. trading cards) are still a "cash is king" market. Some dealer only take cash, virtually all of them prefer it, and offer steep "discounts" (lack of markup) for cash.
Here's an anecdotal thought: AML laws surprisingly work well to discourage offline transactions by tax-paying citizens, helping maximize tax reporting and improve tax collection. As a result, governments continue to strengthen and expand laws in that direction.
It used to be super common for many small businesses to be cash only or a 10% discount for cash. Likely the main driver for this was tax avoidance. I haven't seen a cash only business since covid. With a dwindling number of legitimate cash users, any business that is pulling in huge sums of cash well beyond the average is going to look increasingly suspicious.
> I haven’t even mentioned gold, which is used all the time in criminal transactions, let alone cryptocurrency, the single biggest recent innovation in money laundering . Curious how that line is received within the HN crowd.
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I use a credit card that I pay off in full every month and I get 2% cash back paid for by interest other users pay.
Don't you pay 3% of every purchase to your credit card?