Quote from: countryfree on July 02, 2017, 10:54:39 PM

Quote from: AgentofCoin on March 29, 2017, 08:17:35 PM

For example, I steal 10,000 USD from a bank, I then buy bitcoins with all
the money on localbitcoins or with other p2p cash trades. Eventually, I will
have around 10,000 USD converted into bitcoins. I then use those bitcoins to buy
other altcoins to mix them more, possibly monero, and then reconvert back into
bitcoins, where I now sell those bitcoins on localbitcoins or other p2p cash trades.
When I receive new money that is not associated with the original 10,000 USD,
I have "laundered" that money.

Besides committing the original crime, laundering would be an additional crime.

Actually, there's no laundering in your scheme. It's dirty money at the beginning, and it's still dirty at the end. Mixing is useless.

To launder the money, it would require to make it pass through some kind of legitimate business.
Imagine you create a carpet cleaning company, or that you are a mechanic making oil changes. Your income for a given month is $1,000 but you add the $10,000 in BTC, and you fill tax forms telling your income was $11,000. This is money laundering, because the money now looks like normal income from a registered company.

No, you are mistaken. You do not need go through a business' taxes for laundering.
Laundering is the act of attempting to convert "tainted money" into "non-tainted" money.
It is the attempt/performance of the act itself, not the success of the act.

If I have dirty money, buy bitcoins p2p and sell those coins p2p for fiat in another location,
when I receive new fiat from a new individual, that is not associated with the original crime,
it is laundering. You do not need a business or other large operation to fall under laundering.
If you had knowledge the first fiat was dirty, then almost all other action that follow is
automatically laundering, even using that money in a convenience store for a single can of pop.
Under current interpretation of law, conversion into any form of property could be laundering.

What your example is actually describing is not the act of laundering, but a more sophisticated
system devised (usually by criminal organizations) in order to hide the act of large amounts of
laundering, so that conversion is from physical dirty money into electronic banking money.
This type of money laundering is the most advanced form and provides the "cleanest" banking
money.

So, as I said, laundering is the act of attempting to hide or mix with knowledge of a "crime",
as opposed to only the advanced obfuscation through fraudulent tax reporting. Average
citizens can be accused and found guilty of money laundering without using a business,
without using tax reporting, and sometimes even without willful knowledge (there have
been times courts have asserted that an individual who participated "should have
known" they were involved in a crime or laundering ring, though they may have been
truly ignorant (more common with poor to low income youth/young adults).

So money laundering as you describe, is more complicated and not as specific as
you would believe. It can be performed in many different ways.

Quote from: JohnBitCo on July 03, 2017, 04:43:03 PM

Quote from: AgentofCoin on March 29, 2017, 08:17:35 PM

Quote from: pruchol22 on March 29, 2017, 07:53:30 PM

What does cryptocurrency money laundering means??? examples please... Thank you

The concept could mean different things to different people, but basically
would be something along the following lines: "Taking or allowing cash/credit
that was used from a crime/illegal act/theft and using that to purchase either
bitcoins or altcoins, in order to hide the links from the original crime/
illegal act/theft.

For example, I steal 10,000 USD from a bank, I then buy bitcoins with all
the money on localbitcoins or with other p2p cash trades. Eventually, I will
have around 10,000 USD converted into bitcoins. I then use those bitcoins to buy
other altcoins to mix them more, possibly monero, and then reconvert back into
bitcoins, where I now sell those bitcoins on localbitcoins or other p2p cash trades.
When I receive new money that is not associated with the original 10,000 USD,
I have "laundered" that money.

Besides committing the original crime, laundering would be an additional crime.

For a bunch of smart guys, you really miss the mark. First off, to explain, forget the Bitcoin thing. You just killed someone for $100,000, the cops are all over the area of the city, watching people, watching money and you sitting on $100,000 is a dead give away.

You have provided no answer either towards the "cryptocurrency" aspect nor "laundering".
First, the OP's question refers to "cryptocurrency money laundering", you ignored that.
Second, "Sitting on $100,000 from killing someone" is not laundering in any way.

Laundering occurs when you attempt to hide the origins of the $100,000 by conversion.
So for someone who claims I missed the mark, it is evident you do not know law nor english.

Edits: spelling and elaborations.