Why is money laundering necessary?
In: Economics
Simply put, if you deposit a large sum of cash into a bank account, it will raise flags and the IRS will be notified. They will want to know where you got that money. If you don’t have a paper trail showing your proof, then it’s considerred illegally gained money.
If you kept the cash and used a little bit at a time over time, you’ll be ok as long as you don’t make big purchases. Paying 30k cash for a car will also create flags and a notification to the IRS. I believe in the US, now a $600 transaction will also be flagged. They somehow snuck that into the last stimulus bill.
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