The scripture says by their fruits you shall know them. When you see a banker you will recognize him through his outfit same goes for a medical doctor or nurse. You can identify most professions through their dresscode same goes for Illegitimate funds.
Illegitimate funds can easily be identified by how it is laundered. You may be wondering what is laundering or money laundering? Money laundering is an act or process of making money acquired through illegal means to look legitimate by using it to create a legitimate business.
Most people who are into illegal business such as Wire Fraud/Scam, Drugs, Stealing of Government money, Money ritual are smart enough to use the proceed to create a legitimate business so that no one would ever suspect them or even arrest them for these crimes. By laundering the money they look like responsible business men who have hustled so hard to create their business to the unsuspecting public.
Most of this shady people either own one or more of the following business that are mentioned below. Sometimes they can also be smart enough not to run this business by themselves but look for others who will front as the owners of this business on their behalf. Without no further ado find below a list of the business used in laundering money.
List Of 7 Business Used For Money Laundering
- Oil & Gas : Oil and Gas business requires a lot of funds. Hence, it is easy to use the proceed of the Illegitimate business to start this. Sometimes too some of this shady people will lie that they are into Oil and Gas as a coverup whereas they are not into any Oil and Gas business.
- Hospitality business: This includes running of restaurants, hotels and Nightclubs. Infact this is the easiest and the most common business used to launder money. They use the proceed of the Illegitimate business to acquire properties for the club and also to import various wines sold at the club.
- Real Estate: This is another common business that money launderers love. They acquire a vast array of lands and build properties all with the proceed of the Illegitimate business and then sell to the public thereby cleaning the Illegitimate money.
- NGO (non governmental organizations): This is not a common business for money laundering but the very smart ones setup NGO and launder the money through donations to the NGO.
- Fashion House: This is not also a common business for money laundering but it is gradually finding it’s way into one of the business used to launder money. They set up big fashion house with the proceeds of the Illegitimate business, they can even go as far as creating bill boards to attract clients. They start laundering money through the fashion house business account as if it were clients paying for outfits.
- School: This is another business not so common but it is used by the very smart ones to launder money. They use the proceeds of their Illegitimate business to build a very big and expensive school.
- Auto Dealer : This is another common business for money launderers. They use the proceed from the Illegitimate business to buy vehicles then sell the vehicles and the proceed from the sales of the vehicle now looks legitimate. Church & Celebrity: This is another means used to launder money especially money stolen from Government funds. They launder it through the church or give it to celebrities to acquire properties on their behalf. The celebrities front as if the house belongs to them but in reality it belongs to another person, however the celebrities get certain huge percentage payments from the transaction.
- Hopefully, you can now easily identify someone laundering money because most times they do a combination of 2 or more of the business mentioned above.