What does smurfing mean?
What does smurfing mean?
/ (ˈsmɜːfɪŋ) / noun. computing the activity of using a specially designed computer program to attack a computer network by flooding it with messages, thereby rendering it inoperable. the activity of laundering money by conducting a large number of small transactions through banks and bureaux de change.
What is the purpose of smurfing and structuring?
Structuring is a white-collar crime that involves moving large sums of money secretly by breaking them down into smaller amounts. Also known as “smurfing,” it describes the act of dividing illicit proceeds into small sums and placing them in multiple separate bank accounts to avoid attracting attention.
What are the 3 steps in money laundering?
Money laundering is the process of making illegally-gained proceeds (i.e. “dirty money”) appear legal (i.e. “clean”). Typically, it involves three steps: placement, layering and integration.
What is Microstructuring?
Microstructuring. A method of money laundering in which larger transactions are broken down into multiple smaller transactions to evade detection by authorities. For example, making multiple (under US$10,000) deposits in banks and withdrawing it in overseas countries.
Which stage of money laundering is smurfing?
A smurf is a colloquial word for a money launderer who attempts to avoid regulatory inspection by dividing major transactions into a series of smaller transactions that each fall below the reporting brink.
Where does the term smurfing come from?
Where Does the Term “Smurfing” Come From? The reason this practice is commonly called “smurfing” comes from two Warcraft II players back in the ’90s. They were so good at the game that when other players saw their usernames come up in matchmaking, they would often leave to avoid getting crushed.
What is flipping in money laundering?
Illegal property flipping is a fraud whereby recently acquired property is resold for a considerable profit with an artificially inflated value, typically in order to defraud a lender into lending more than the true value of the property or defraud a buyer into paying a higher price than should be necessary.
What is smurfing money?
Smurfing is when someone launders money by breaking it up into several smaller sums, hoping to evade detection. It is also known as structuring.
When did the term smurf originate?
The Smurfs was first created and introduced as a series of comic characters by the Belgian comics artist Peyo (the pen name of Pierre Culliford) in 1958, wherein they were known as Les Schtroumpfs….
|Comics||The Smurfs comics|
|Films and television|
|Film(s)||The Smurfs in film|
Why do money launderers often use Smurfs?
What are money flips?
If a consumer messages the profile they’ll receive a response with directions to put money on a prepaid debit card from a local convenience store and then share the card number and pin with this “investor” and he/she will flip the money for the consumer.
What does integration mean in money laundering?
Having successfully processed criminal profits through the first two phases, money launderers then move the funds to the third stage – integration. This is where the cash re enters into the legitimate economy. This final stage of money laundering successfully puts the so-called ‘cleaned’ money back into the economy.