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.
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:
To reinforce the comment earlier, there is most definitely something suspicious about flying private plane into Australia with suitcases full of cash.
We should be happy if foreigners are spending their cash here, unless they are chinese.... Apparently due to national security issues
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.
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.
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.
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.
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.
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.
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.
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.
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.