Smurfing is a money laundering technique that involves structuring large amounts of cash into multiple small transactions.
The Smurfs often spread these small transactions across many different accounts to keep them within regulatory reporting limits and avoid detection.
Smurfing is a form of structuring in which criminals use small, cumulative transactions to stay below financial reporting requirements.
The Patriot Act gave law enforcement greater powers to stop money laundering by establishing reporting requirements for any deposits, withdrawals, or currency exchanges in excess of $10,000.
The term “smurf” appears to be borrowed from illegal drug manufacturers who use multiple accomplices to circumvent legal restrictions on the purchase of drug components.
Black money includes all funds earned as a result of illegal activities, as well as other legitimate income that is not taken into account for tax purposes.
A boiler room is a scheme in which sellers use high-pressure selling tactics to persuade investors to buy securities, including speculative and fraudulent securities.
Channel stuffing refers to the practice of a company supplying more products to distributors and retailers through a distribution channel than end users can purchase in a reasonable amount of time.
A High Yield Investment Program (HYIP) is a fraudulent investment scheme that aims to generate extremely high returns in excess of 100% on investments.
A letter scam in Nigeria is a scheme in which a sender offers someone a commission - usually via email - for helping them transfer a large amount of money.
Racketeering is the acquisition of a business through illegal activities, the conduct of a business with illegal income, or the use of a business to commit illegal activities.
A fraudulent trader is an employee of a financial firm who engages in unauthorized, often high-risk activities that result in large losses for the firm.