Comment Back to basics: why is money laundering illegal? (Score 1) 258
Ok, let's go back to basics: why is money laundering illegal? Why are banks required to report transactions over $10000; and why is structuring (making multiple transactions just below this threshold) illegal?
These are all laws designed to make the job of law enforcement easier. There's nothing inherently wrong with depositing $9999 into your back account, but do it twice and you may be up on charges even if your transactions were perfectly innocent. Similarly laws against money laundering are vague, and trip up more innocent people than guilty ones. All money laundering mean, at its root, is having a series of transactions: Buy yacht, trade it for a diamond ring, sell the ring. There's nothing wrong with that series of transactions, but because they are hard for the government to track, it is somehow your fault.