Tuesday 6 December 2016

Forged financial histories let criminals launder hot cash over longer timeframe

Published 04/10/2016 | 02:30

'Money laundering regulations are strict, forcing banks to be on
the look-out for any attempt to conceal the origins of illegally earned money and put it into a bank. So another option is to
obtain a mortgage.' Stock photo: keys
'Money laundering regulations are strict, forcing banks to be on the look-out for any attempt to conceal the origins of illegally earned money and put it into a bank. So another option is to obtain a mortgage.' Stock photo: keys

Getting approved for a mortgage is impossible for people whose earnings are illegal.

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They deal in cash. This is money that is obtained illegally, is not taxed and is hard for them to store.

These criminals do not have bank accounts, are not members of credit unions, do not have debit cards and are unlikely to use cheques. They are not part of the formal financial system.

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