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Re:Fake books sold on Amazon could be used for money laundering by quickthrower2 on Saturday April 28, 2018 @05:42AM (#16946864)
Is it worth it for a launderer to give up 30% to Amazon, and then of course pay taxes on the income? Also I assume you can't launder cash this way.
Re:Fake books sold on Amazon could be used for money laundering by caf on Saturday April 28, 2018 @10:34AM (#16947810)
This particular example isn't actually money laundering.

However, in general yes - a 30% haircut on laundered money isn't too bad at all. Consider the classic money laundering scheme: you own a legitimate bar, but supplement the real sales with ghost sales, paid for by the dirty cash. The alcohol supposedly sold in the ghost sales is poured down the drain, so your suppliers invoices match up with your sales (this works because it's typical for customers at bars to pay in cash, and the margin on alcohol sold as individual drinks is pretty high).

Re:Fake books sold on Amazon could be used for money laundering by buttcoinslol on Saturday April 28, 2018 @10:53AM (#16947898)
You could also sell the booze at a loss out the back door and then launder THAT money :)
Re:Fake books sold on Amazon could be used for money laundering by lotsofpulp on Saturday April 28, 2018 @06:30AM (#16947007)
You can buy gift cards with the cash. Gift cards as a concept are so funny to me. As a recipient, I would always want cash over a gift card. As a gift giver, I'd think "if I was receiving this gift, I wouldn't want a gift card, so why would I give it to someone else".

But they exist, and they're huge. Obviously merchants love them for the float and captive customer spending more than the gift card balance. Businesses might love them to give out to employees since it's not taxed income, and similarly, money launderers would like them.

I guess I could see some niche use, like wanting to give a child funds for a movie ticket, but to avoid them using it for other purposes you restrict it by giving a movie gift card. But I don't see that supporting a large market.

Re:Fake books sold on Amazon could be used for money laundering by kuschku on Saturday April 28, 2018 @08:37AM (#16947364)
In many cultural circles it’s very rude to gift money (or to even left the gifted know how much something cost).

Giftcards are seen as a way around that (although they’re not really better). They also show that you thought about the gifted (what would this person like), but respect that they might not like the specific gift you’d pick.

e.g. if you know someone is a LEGO collector, you gift them a LEGO gift card, instead of buying a specific collectors model that they might already have.

Re:Fake books sold on Amazon could be used for money laundering by emodendroket on Saturday April 28, 2018 @10:22AM (#16947756)
Also, as a recipient, the pressure isn't there to do something practical with it.
Re:Fake books sold on Amazon could be used for money laundering by lotsofpulp on Saturday April 28, 2018 @08:47AM (#16947406)
I understand a non gift card gift conveying that someone thought about the gift recipient and/or is not explicit in its cost, but a gift card accomplishes the former poorly, and the latter not at all.
Re:Fake books sold on Amazon could be used for money laundering by icebraining on Saturday April 28, 2018 @08:55AM (#16947428)
I don't get it either, but people do use them that way. Some are even sillier: a friend of mine, who teaches classes to seniors, got a gift card from them that can be spent on any shop of our huge local mall.
Re:Fake books sold on Amazon could be used for money laundering by TorKlingberg on Saturday April 28, 2018 @10:26AM (#16947771)
It's a weird cultural quirk of the west that you shouldn't gift cash. In China people are perfectly happy to give money in red envelopes.
Re:Fake books sold on Amazon could be used for money laundering by fjsolwmv on Saturday April 28, 2018 @04:11PM (#16949225)
Wealthy cultures tend to spend extra to hide the visible evidence of the financial reality of their existence. It's silly but common.
Re:Fake books sold on Amazon could be used for money laundering by lotsofpulp on Saturday April 28, 2018 @12:32PM (#16948370)
Same in India.
Re:Fake books sold on Amazon could be used for money laundering by RandallBrown on Saturday April 28, 2018 @10:33AM (#16947807)
I've always liked getting gift cards over cash because I usually have to spend them on a gift. If I'm getting cash, I end up spending it on groceries or something mundane.
Re:Fake books sold on Amazon could be used for money laundering by cathhhhji on Saturday April 28, 2018 @12:29PM (#16948359)
When I get gift cards I end up selling them for cash
Re:Fake books sold on Amazon could be used for money laundering by MichaelGG on Saturday April 28, 2018 @09:04AM (#16947457)
I think one might find that if you go buy a million bucks worth of Amazon gift cards and try to load them into a couple of accounts, it'll probably be flagged.

The article is not about money laundering, but using stolen credit cards. It makes little sense to use Amazon for laundering.

Re:Fake books sold on Amazon could be used for money laundering by fasj82 on Saturday April 28, 2018 @05:46AM (#16946873)
Obviously? You can't imagine what % of money you could lose when you launder using other methods. Also this one is totally safe... compared to some other ones ;)
Re:Fake books sold on Amazon could be used for money laundering by ozim on Saturday April 28, 2018 @06:35AM (#16947028)
Tax on money from unknown source is 75% in my country. Plus probably police investigation if it is bigger sum.
Re:Fake books sold on Amazon could be used for money laundering by chvid on Saturday April 28, 2018 @07:38AM (#16947199)
You can't get access to finance if you don't have a documented income. Making it impossible for you to get a house or even a car.
Re:Fake books sold on Amazon could be used for money laundering by NedIsakoff on Saturday April 28, 2018 @08:29AM (#16947333)
Read the article. They used someone elses SSN so no tax. Also 70% from of $3999 from a stolen credit card ain't bad.
Re:Fake books sold on Amazon could be used for money laundering by MichaelGG on Saturday April 28, 2018 @08:52AM (#16947418)
A stolen credit card isn't money laundering, that's just fraud.
Re:Fake books sold on Amazon could be used for money laundering by emodendroket on Saturday April 28, 2018 @10:23AM (#16947762)
It seems plausible in a logical, if not legal, sense... you've stolen the funds using someone's credit card and then launder that into receipts from Amazon.
Re:Fake books sold on Amazon could be used for money laundering by quickthrower2 on Saturday April 28, 2018 @05:52PM (#16949597)
I'm assuming the more general case where they are not stupid enough to use someone else's SSN, and thus guaranteeing you'll get found out.