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Prepaid Cards For Laundering Money (news article)

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eastmn
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Prepaid Cards For Laundering Money (news article)  Reply with quote  

Prepaid cards attract money launderers
New, cross-border tool for money launderers
http://finance.yahoo.com/news/Prepaid-cards-attract-money-apf-4186741647.html?x=0

This article is especially interesting in that I was unaware of the ultra high limit cards, where some can be loaded with $100K. Most prepaid cards have a less than $3K limit. Google search for "high limit prepaid card" does bring up a $10K limit card. No credit or ID check; I have a friend in TX who used them to hide money (a stash) from the IRS (audit/judgment). IRS eventually found the money and seized it (by tracing his payroll checks).
Post Mon May 23, 2011 5:07 pm
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trung277
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Thank you for sharing, it is useful and valuable.
Post Sun May 29, 2011 12:58 am
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Talisman
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Prepaid/debit cards are usually used to get the earnings from online businesses and not only as they allow to be withdrowen via ATM. It is safe and you get cash without reporting about your extra earnings.
Post Wed Jun 01, 2011 1:59 pm
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multimastery
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Thanks for the share very interesting article. There's always a loophole in the system - somewhere. Unfortunately, that article although they're just reporting to the public, they are also making it easier for criminals to become fully aware of this tactic.
Post Sat Sep 03, 2011 3:17 pm
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coaster
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quote:
Originally posted by multimastery
they are also making it easier for criminals to become fully aware of this tactic.

Nice point.

~Tim~
Post Sat Sep 03, 2011 4:25 pm
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eastmn
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The cards work just like checking accounts, where you can transfer money back and forth (reload); bank transfers, and ATM (while remaining anonymous).

...
Post Sun Sep 04, 2011 4:50 am
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Gary Barzel
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Well if this does become widespread they will have to start putting on a limit as to how much each card can hold. While this may make it slightly more difficult as they would have to start carrying around multiple cards it still doesn't take away the problem. It's amazing how criminals always manage to stay on step ahead of the game.
Post Mon Sep 05, 2011 3:35 pm
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