Warning on gold laundering

Discussion in 'General Precious Metals Discussion' started by JulieW, May 7, 2016.

  1. yennus

    yennus Well-Known Member Silver Stacker

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    Nothing suspicious, wrong or illegal about bringing in suitcases of cash into the country if it is properly detailed to AUSTRAC. We should be happy that foreigners are spending their money in Australia.
     
  2. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Its not reported to AUSTRAC. There is no AUSTRAC reporting requirement for cash transactions in real estate. That's why we complain about the enormous loophole that facilitates money laundering, a loophole tha the government continually fails to act on:

     
  3. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    To reinforce the comment earlier, there is most definitely something suspicious about flying private plane into Australia with suitcases full of cash.
     
  4. billybob888

    billybob888 Well-Known Member Silver Stacker

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    We should be happy if foreigners are spending their cash here, unless they are chinese.... Apparently due to national security issues
     
  5. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    We should be happy that legitamate cash is spent here.
     
  6. yennus

    yennus Well-Known Member Silver Stacker

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    You are wrong SilverPete.

    Even if cash is flown into Australia on a private jet, the suitcases would still need to go through customs - and the cash would need to be declared through AUSTRAC.

    If suitcases of cash are brought into Australia legitimately through customs and AUSTRAC, there is no issue.

    To quote AUSTRAC: "There is no limit to the amount of physical currency that may be brought into or taken out of Australia. However, amounts of $10,000 or more must be reported."
    http://www.austrac.gov.au/traveller...lia/reporting-physical-currency-faqs#how_much

    Some people might have issues with cash, but fortunately Australia isn't a police state yet. Don't worry though, those people will probably get their police state soon.
     
  7. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Yet we are not talking about legitimate cash declarations, we are talking about money laundering. Surely you don't beleive that all large cash amounts coming into Australia is declared to AUSTRAC... because even AUSTRAC believes that is not the case.
     
  8. yennus

    yennus Well-Known Member Silver Stacker

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    How is someone going to bring in suitcases of cash through an international airport in Australia without declaring it?

    Even rich people on private jets need to go through customs.
     
  9. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    How about... they simply don't declare it. Verious news stories cover mysteriously large amounts of cash suddenly appearing after someone arrival at in Australia (those who get caught that is) e.g.

     
  10. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Many people are curious about how suitcases full of cash suddenly turn up:

     
  11. yennus

    yennus Well-Known Member Silver Stacker

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    Simply "not declaring it" at customs is a silly answer. Not declaring a suitcase full of cash at customs is asking for it be confiscated, plus other penalties.

    Have you considered that maybe they didn't bring a suitcase filled with cash from overseas, but picked it up locally?

    There you go - you shouldn't be suspicious of cash that is brought through an Australian international airport (Australian customs is extremely thorough and strict - and they will tell you firmly)- we should be suspicious of campervans made in China filled with cash.
     
  12. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    So you're saying AUSTRAC, Australian police, the Australian Intitute of Criminology, and the Australian Crime Commission are all just silly in highlighting airports as a conduit for illegal cash. You should give them a call, I'm sure they'd appreciate your advice.
     
  13. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    How many campervan factories are imported into Australia? The reference to a factory was in relation to the source of funds, not the channel by which they arrived in Australia.
     
  14. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Yennus, why such strident attempts to downplay the reality of cash smuggling?
     
  15. yennus

    yennus Well-Known Member Silver Stacker

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    I'm saying that you are silly for claiming that rich people using private jets are using Australian airports to smuggle suitcases full of cash into Australia.

    Please don't work for the government, we don't need a lowering of the public sector IQ.
     
  16. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    I'm not claiming that, statements in court documents claim that.
     
  17. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Yennus, let's leave it at that. It's clear neither of us can agree.




    .
     
  18. yennus

    yennus Well-Known Member Silver Stacker

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    Please show court documents claiming that. :)
     
  19. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Why not follow the links provided earlier?

    From another recent case, a suitcase full of cash:

    [​IMG]
     
  20. yennus

    yennus Well-Known Member Silver Stacker

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    That is not the same as saying "rich people are using private jets at Australian airports to smuggle suitcases full of cash into Australia."

    Mr. Wang would need to have declared the USD at customs upon entry - and EVEN IF he didn't, he would have been reported to AUSTRAC when he deposited the cash at the bank.

    Nothing suspicious about a person worth $400million, carry a suitcase of cash, gold or bitcoin.
     

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