How to Launder Money with Calling Cards

I read an article recently describing how calling cards have recently been used in money laundering schemes, enabling unscrupulous characters to turn 'dirty' money into 'clean' money.

Here's the article:

Imagine you have 10 millions of bucks in your backpack or something alike. You’ve earned this money… well, let’s say you sold something and never reported this sale to the officials to avoid paying taxes and maybe some other problems.
You take those 10 millions in funds and go buy calling cards. It’s up to you to decide whether you prefer calling cards for local calls or long distance international calling services. Then you set up your own “premium” number, that you need to pay for to access (like sex on the phone, horoscope etc.) And then… yes, you got it right, you start calling this number with the calling cards you bought. It is an almost automated process and may open as many paid-to-access numbers as you like. Soon you have your money (excluding some 20-25% of losses, which is a very good result for dirty cash laundering) absolutely legal on your bank account.

Easy? Yes. Popular? So far, yes. Punished? Yes, if cought and right now it is almost impossible.

I don't get it. Didn't the shady character just loose 25% of his money and turn it into legitimate taxeable income?

Regards,

Tavis McKenzie
Phonecarddepot.com

Tags: money laundering calling cards