#QuickBiteCompliance Day 62
🚨 Beware of the Tricks Bad Guys Use to Hide Their Money! 💰
Have you ever heard of “corporate vehicles”? 🏢 No, they’re not cars 🚗—they’re types of businesses like private companies, trusts, or partnerships. These businesses can be used for good things, like creating jobs and helping communities. But sometimes, bad guys (criminals!) use them to hide dirty money or do sneaky things like money laundering.
How do they do it?
Imagine this:
1️⃣ A bad guy sets up a fake company, like “Super Cool Widgets, Inc.” 🏢.
2️⃣ They make it hard to figure out who really owns it. No one knows the “ultimate boss” behind the scenes.
3️⃣ They use this company to move stolen money, buy fancy houses, or hide cash in secret bank accounts.
Some sneaky tools they use:
Private Companies: These can look like normal businesses, but the owners might be hidden.
Trusts: Bad guys pretend to “protect” money for others, but it’s really theirs.
Non-Profits: They set up fake charities to make their dirty money look clean.
Why should we care?
If we don’t catch this, money that should help build schools 🏫, hospitals 🏥, or roads 🛣️ could end up in the pockets of criminals.
What can we do?
Make sure businesses are transparent about who really owns them.
Support stronger rules to stop these tricks.
💡 Knowledge is power! Let’s keep learning and keep our world safer.
#AntiFinancialCrime #MoneyLaundering #CorporateTransparency #AML #FinancialIntegrity #TrustButVerify #StopDirtyMoney #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
