subject: Learn the Typical Reasons Behind Money Laundering [print this page] Learn the Typical Reasons Behind Money Laundering
Some people are purely ashamed of the job they have, and do not want others to know that is how their cash is created. Such jobs may be perfectly legal but not exactly accepted in society. For example, an exotic dancer might not want to have it on record that he or she has this job title, so they may instead work at a restaurant as a server a few times per week. Thus, they can say that all of their cash is from serving, when really the majority of it is from a job they would rather not make public. Those who are particularly interested in money laundering for this purpose are people looking to get famous one day, whether as a celebrity or politician, as they do not want any documentation of their job as a dancer.
Of course, some people make their money illegally, and money laundering allows them to state that their income was created legally. For instance, cash made from drug dealing, prostitution, or betting where it is illegal likely has to be hidden. Otherwise, the government and bank officials will be suspicious of the large sums of money that seem to come out of nowhere. This may lead to an investigation, which is what those who launder cash wish to avoid due to the penalties, such as fines and jail time.
Some people go to great lengths to hide their involvement with money laundering, especially if they make a lot of cash through an illegal job. Big time drug dealers, for example, might make an entire company that turns out to be just a shell, which means that it does not actually exist. It has a name and office location, and maybe even company cars and bank accounts, but the company is really just a facade so that the large amount of money being generated by drug dealing looks normal.
Keep in mind that the penalties of money laundering are typicallysevere, and the government goes to great lengths to investigate and prosecute those who commit this illegal act. This is because most of the time, those who hide the true source of their money are making it through illegal means, and are often not paying taxes on it. Thus, if you think you have a reason to conceal your income's origins, talk to a lawyer about your options rather than completing this illegal offense.
