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Online Service Accused In Laundering Of $6Billion

Tuesday, May 28, 2013 - 7:00 PM
From The New York Times: 
The operators of what the authorities described as one of the world’s largest online money laundering organizations, a central hub for criminals trafficking in everything from stolen identities to child pornography, were charged in an indictment unsealed by federal prosecutors on Tuesday.

The organization, Liberty Reserve, was responsible for laundering over $6 billion over the last seven years, with millions of customers around the world, according to the indictment. Prosecutors said that the company “facilitated global criminal conduct” and that the case, which involved law enforcement agencies in 17 countries, is believed to be the largest international money laundering prosecution in history.

The charges detailed a complicated system designed to allow people to move sums of money both large and small around the world with virtual anonymity, according to a three-count indictment announced by the United States attorney’s office in Manhattan.

“This was really PayPal for criminals,” a senior law enforcement official said, calling the company and a system of related businesses “a shadow banking system for criminal conduct” that was “able to facilitate all sorts of criminal conduct that would not otherwise happen.”

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It's incredible what you can do when you don't have to verify trial deposits, and there are no monthly caps on transfers ;)
6
pearlbrownpearlbrown1,438 posts since
Nov 2, 2010
Rep Points: 6,272
1. Tuesday, May 28, 2013 - 7:11 PM
8
ShorebreakShorebreak2,622 posts since
Apr 6, 2010
Rep Points: 14,216
2. Tuesday, May 28, 2013 - 7:16 PM
Thanks Shorebreak.  BTW, nice new avatar - this one doesn't induce heartburn ;)
6
pearlbrownpearlbrown1,438 posts since
Nov 2, 2010
Rep Points: 6,272
3. Tuesday, May 28, 2013 - 7:24 PM
"BTW, nice new avatar - this one doesn't induce heartburn ;)"

Going 'old school' for a while. Only for "a while" though.
3
ShorebreakShorebreak2,622 posts since
Apr 6, 2010
Rep Points: 14,216
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