Does Western Union Report to Tax authorities?

[banafinfodafuggiano]

Let's say I receive income in an offshore jurisdiction, with no CRS.

Then I buy some crypto online with this money, then I sell the cryptos and the seller sends me privately the money through Western Union or Money gram.
We are talking about 1000 dollars a week, not huge sums.

Will Western Union report to any authorities?

 

[Martin Everson]

Other than fraud of suspicious transactions I don't think they report to authorities. But perhaps someone can correct me or knows a bit more about WU.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Plavivoz]

banafinfodafuggiano said:
Let's say I receive income in an offshore jurisdiction, with no CRS.

Then I buy some crypto online with this money, then I sell the cryptos and the seller sends me privately the money through Western Union or Money gram.
We are talking about 1000 dollars a week, not huge sums.

Will Western Union report to any authorities?
Click to expand...

Your problem is not the reporting.
AML is your problem. Belive me they will block the transfers to your name soon. I give you maximum 3 to 4 weeks doing this.

There are better ways for turning your crypto income into cash.

 

[Sols]

Martin Everson said:
Other than fraud of suspicious transactions I don't think they report to authorities. But perhaps someone can correct me or knows a bit more about WU.
Click to expand...

The only other instance where WU would report is for high-value transactions (like CTR, Currency Transaction Report, to FinCEN for transactions or collection of transactions exceeding 10,000 USD). This varies by jurisdiction sent from and sent to but for the amount mentioned (1,000 USD/week), it's unlikely to trigger any such reports.

WU has a banking license but they practically never offer retail bank services to anyone. Their retail services are money remittance services, which are not in scope for CRS/AEOI.

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This is the probably the answer to your question.