Federal prosecutors have indicted the operators of a Costa Rica-based digital currency exchange...


Federal prosecutors have indicted the operators of a Costa Rica-based digital currency exchange called Liberty Reserve (LR) for facilitating the laundering of over $6B in illicit cash. LR users were able to transfer money using Western Union (WU), MoneyGram (MGI), Visa (V), MasterCard (MA), American Express (AXP), and CitiBank (C). Given the crackdown on compliance policies at banks such as HSBC, questions now might be asked whether those companies have any culpability.

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Comments (5)
  • bbro
    , contributor
    Comments (11223) | Send Message
     
    And you wonder why economists underestimate the strength of retail sales....
    29 May 2013, 06:45 AM Reply Like
  • Ron Reed
    , contributor
    Comments (346) | Send Message
     
    Did anyone else catch the humor in the fact that just like gov't run ponzi schemes, it is illegal for the public to wash cash but it is perfectly legal to (and many economic theories based on) do so by the gov't. Early morning humor.
    29 May 2013, 07:42 AM Reply Like
  • texaswiz says
    , contributor
    Comments (65) | Send Message
     
    Anytime you have government bean counters either counting the "beans" or commenting on something, they will inevitably get it wrong by conventional standards. Just like "too many cooks spoil the broth", "too many bean counters spoil the count". I have zero faith in anything our government does anymore. I remember my father was fond of saying that the "Government is the only organization that can screw up a two car funeral". As a young boy I did not appreciate what he was conveying to me. I often wonder to myself what the original framers of our constitution would say if they witnessed some of the hijinks that goes on in modern day government. Both parties are equally to blame. The nations leadership is slowly destroying the nation.
    29 May 2013, 08:41 AM Reply Like
  • jumpnjoey77
    , contributor
    Comments (1195) | Send Message
     
    cough, cough - bitcoin.
    29 May 2013, 09:27 AM Reply Like
  • Ron Reed
    , contributor
    Comments (346) | Send Message
     
    " cough, cough - bitcoin. "

     

    Don't even get me started there :)
    29 May 2013, 09:34 AM Reply Like
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