How do you successfully launder money?

How do you successfully launder money?

Money can be laundered through online auctions and sales, gambling websites, and even virtual gaming sites. Ill-gotten money is converted into the currency that is used on these sites, then transferred back into real, usable, and untraceable clean money.

How is money laundering detected?

With millions of customers, banks have fielded automated transaction monitoring systems, which use money laundering detection scenarios known as rules, to alert firms to certain customers for potential violations.

How do you clean drug money?

Drug cartels hide their profits by flushing them through the vast global financial market, using various methods including internet payment platforms, cryptocurrencies, payment cards and real estate. Then, they use the laundered cash to underwrite their trafficking.

What is the coin of Uruguay?

Current coin. Uruguayan peso (Spanish: peso uruguayo) has been a name of the Uruguayan currency since Uruguay’s settlement by Europeans. The present currency, the peso uruguayo (ISO 4217 code: UYU) was adopted in 1993 and is subdivided into 100 centésimos.

What was the currency of Uruguay in 1828?

In 1828, Uruguay’s currency was based on the silver peso ($) of eight reales (R or r), commonly known as the patacón, and the gold onza de oro, valued at 16 pesos silver. But a large quantity of debased copper coin also circulated.

What is the abbreviation for Uruguay peso?

Uruguayan peso ( Spanish: peso uruguayo) has been a name of the Uruguayan currency since Uruguay’s settlement by Europeans. The present currency, the peso uruguayo ( ISO 4217 code: UYU) was adopted in 1993 and is subdivided into 100 centésimos, although centésimos are not currently in use.

What happened to the peso in 2004 in Uruguay?

In 2004 a phenomenon completely new to most Uruguayans developed: the currency appreciated in nominal terms against the US dollar, going from 30 to 24 pesos to the dollar. By 2008 the peso reached 19 to the US dollar, recovering more than half of its loss during the crisis.