Four Ways The ‘Wash Wash’ Business Operates
‘Wash Wash’ as the term goes, refers to the money laundering businesses which some Kenyans have opted to go for due to their quick returns.
In essence, it is getting money under pretenses (conning, corruption) and then “washing it” by setting up legitimate businesses so one can funnel that dirty money through them.
Despite the many legal and sometimes fatal challenges, some people swear by it.
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Below is one way that the wash wash business is done;
- 1. Getting a loader- This refers to someone who will help steal money from accounts and send it offline to another country. The money is later sent to other countries.
- Loaders are mostly in foreign countries to reduce the risk of being caught/traced.
- 2. Once cash is stolen from different accounts it is transferred to an offline account to avoid being traced.
- 3. The person being used as a cardholder then goes to a POS (Point of Sale) machine owner and gets the card run and a receipt produced.
- 4. The money then reflects after 24 hours. It is withdrawn and shared among ‘members’. One important thing to note is that before the card is run, it should have zero balance.
After withdrawal, one is free to spend the cash as they see fit.
Like every other business even wash-wash deals fail so getting cash is not automatic numerous risks abound and if caught the legal penalty will cost you a huge chunk of your life behind bars.
Four Ways The ‘Wash Wash’ Business Operates