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A comment on Combating Money Laundering, Terrorist Financing, and Counterfeiting Act. Parent comment

Re:Combating Money Laundering, Terrorist Financing, and Coun... by ac29 on Thursday June 15, 2017 @10:31AM (#14560720)
Doesn't really answer the Government's (legitimate IMO) question: "You just sold $25,000 of bitcoin on {US_Based_exchange}, where did it come from?" Mix it all you want, it wont save you from an IRS audit or other formal Government inquiry if they so choose.

Attempts to obfuscate sources of assets on a completely public blockchain could probably qualify as money laundering, in and of itself. Its not really much different than the cash -> casino chips -> cash launder (which gets reported to the government, or is supposed to).

[ Parent | on HN ]
Re:Combating Money Laundering, Terrorist Financing, and Coun... by MichaelGG on Thursday June 15, 2017 @10:50AM (#14560914)
It's a lot easier though. "I made it camming, here are the tx records". Or "they're donations to my project X". Or "people bought in to my last ICO". Sure you will need a bit more work than that, but Bitcoin makes it far easier to setup a ton of transactions coming to you.
[ Parent | on HN ]