What is money laundering?

What can an ordinary citizen do to combat Money Laundering?

  • What are the minor steps one individual who is not affiliated to any Financial Services Regulatory Body or any Financial Services institution do to combat Money Laundering?

  • Answer:

    As an individual, and specifically speaking from a money-transfer (remittance) point of view, the answer is simple: Stick to the official channels and official methods for money transfers. Avoid cash dealing and Hawala for money transfers.

Faisal Khan at Quora Visit the source

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Other answers

If you're not the prospective launderer, in fact there's not much you're expected to do. All the job is done by the responsible institutions for you. If you don't intend to "clean" money you received in some illegal way, you don't need to take any particular steps. As the other replier says, as an additional security measure, avoid any suspicious money remittance points, so you won't be disturbed as a potential witness. However, keep in mind that you may get involved as unconscious money launderer e.g. by accepting fake job offers providing you with a premium for receiving money orders and wire transfers and send them further (usually abroad). Any job that is based on using your personal account to transfer money of unknown origin is in most cases bound to ML "industry".

Mikolaj Rutkowski

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