Philippine journalist found guilty of terror financing (www.france24.com)
from schizoidman@lemmy.zip to world@lemmy.world on 23 Jan 12:02
https://lemmy.zip/post/57587245

A young Philippine journalist who spent nearly six years in a crowded provincial prison was found guilty of terror financing on Thursday in a case rights groups and a UN rapporteur had labelled a “travesty of justice”.

#world

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Throbbing_banjo@lemmy.dbzer0.com on 23 Jan 12:18 next collapse

Trump admin taking notes

homes@piefed.world on 23 Jan 12:36 collapse

Is that like regular financing but scary?

redditmademedoit@piefed.zip on 23 Jan 13:32 collapse

You know how you can only withdraw a certain amount of money from an ATM even if you have more in your account and need it in cash?

That’s because of laws against money laundering and terror financing. The gist of it is that criminals and terrorists will finance/get cash out of their activities through using a bunch of middle men/fronts, cash and other ways to obfuscate the origin/destination of the money.

homes@piefed.world on 23 Jan 13:39 collapse

Oh. How interesting.

But it really doesn’t seem like any of the laws designed to combat this type of fraud are in any way effective. merely annoying.

redditmademedoit@piefed.zip on 23 Jan 15:28 collapse

Yes and no, it moves the goal post and makes it harder for some criminals/terrorists to launder money. But organized crime is one of the largest business sectors in the world, so many have large incentives to get around the rules.

It’s helpful to think of crime as a (or many separate) business sector(s) in this context, because at large scale criminals can benefit from much of the economic infrastructure that is required for legitimate international businesses, particularly modern businesses that sell things that don’t cost much/anything to produce (doesn’t have a fixed profit margin), such as subscriptions, streaming or intellectual property (e.g. music or games downloads).

Not long ago the circulation of this dirty money was a staple of many parts of the established financial system (see the Wachovia cartel scandal as an example). Today’s rules and crackdowns after the 2008 financial crisis has changed that somewhat.