Wednesday, May 29, 2013

Why Was Liberty Reserve Shut Down? Money Laundering is only half the story

Why was Liberty Reserve shut down? Money laundering was part of it. Indeed, 6 billion dollars moved is definitely something watching out for, but here's what you don't know... The authorities in Puerto Rico and the US gave the owner, Budovsky and his partners several changes to go legit. They could have easily gone legit by following KYC (know your customer) guidelines. Instead, they chose to defraud the investigators by setting up fake monitor portal for them as well as claiming the company is closed and moving out of the country while operating it through front companies.

AND they setup the company to be easily used by any one... including criminals, thieves, and terrorists.

You can find more details here:

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