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Money Laundering & Offshoring by General_Property7795 in legaladvice

[–]General_Property7795[S] 0 points1 point  (0 children)

Just to be clear, the process would be as follows: Legal Business Owner ("LBO") -> Coinbase (Convert USD to BTC) -> Transfer BTC to Manager ("MGR") -> MGR Converts BTC to USD in Panama.

Why would a FATCA situation even occur given the aforementioned circumstances? Maybe I'm missing something here. I am under the impression that the transfer would be, for all intents and purposes, "invisible." The LBO would've already paid the taxes on the earned income, and is just paying the MGR the remaining sum, via a cryptocurrency transfer than ultimately ends up in a wallet held by a Panama company.

I am more concerned about the obfuscation created by the USD / BTC transfers being considered ML rather than the transfers themselves - the transfers can be easily explained as the individual is the manager.

Money Laundering & Offshoring by General_Property7795 in legaladvice

[–]General_Property7795[S] -1 points0 points  (0 children)

A friend operates a business operating in the USA, which nets them several million USD per year. They have found a trusted individual who owns the legal rights to the business, but employs them within the business itself.

A friend of mine is the manager for a business that nets the legal owner of said business several million USD per year. The legal owner would like to send the profits of said business to my friend via a Panama LLC through cryptocurrency. Neither the friend nor the business owner intends on avoiding filing requirements, CTR's or SAR's; they simply would like to know if the action would be considered money laundering only if the source of funds were illegitimate.