Perth Mint story on 4 Corners Monday night GOLD DOPING

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Golden Stash

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This week on Four Corners, criminals could have targeted Australia's largest government-owned gold refiner, trying to exploit weaknesses in its reporting systems to launder money.

Reporter Angus Grigg and the team have spent months forensically investigating the inner workings of the Perth Mint, uncovering claims of major holes in the historic institution's money laundering defences.

The Perth Mint, owned by the WA government, is one of the world's largest refiners and retailers of gold bullion. It's a high risk for money laundering and it's required to conduct rigorous checks on customers.

Four Corners investigates whether the mint has been scrutinising its customers properly, including notorious underworld figures.

Anonymous accounts in tax havens may also have allowed high-risk individuals to hide the proceeds of crime, by holding gold in the Perth Mint's vault.

The Perth Mint could be responsible for billions of dollars' worth of fines if any of Australia's money laundering reporting laws are breached.

The fines would ultimately be paid by the taxpayer.



https://www.abc.net.au/news/2023-03-02/tainted-gold:-inside-perth-mints-billion-dollar/102046808
 
Seems gold is not for everyone.. you can’t pay cash for gold at Perth Mint, you must use a legit visa/Mastercard/eftpos & you must show photo ID. Are they expecting the mint to run background checks on customers? How

The mint is required by law to conduct rigorous checks on the sale of its gold to high-risk customers and examine their source of funds.
That did not happen when the former sergeant-at-arms of the Hells Angels motorcycle gang in WA, Dayne Brajkovich, walked into the Perth Mint gift shop to buy gold in June last year.
He is no longer a member of the Hells Angels and Four Corners is not suggesting his money is sourced from illegal activity but Mr Brajkovich says the Perth Mint only asked him for his driver's licence.


https://www.abc.net.au/news/2023-03...r-hells-angels-bikie-without-checks/102048620
 
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STC said:
I agree that the old “Gold confiscation” like the US 1933 is obsolete but the new way for the government to feed from the people is much more scary & can target anything from cars to houses to gold jewellery. It truely is guilty until proven innocent. Can you think of any other situation where this occurs?

https://www.police.wa.gov.au/Crime/Proceeds-of-crime
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Keep receipts. And if you don't get a receipt print your own recipient created tax invoice. And if you're worried about getting your goods seized by police then don't do illegal shit.
 
It's no different than FBI seizing everything until investigations have been fully conducted. Many similar examples from the US. Be poor risk management to think it cannot happen in Australia.

https://www.usgoldbureau.com/news/fbi-seized-safe-deposit-boxes

"The FBI opened more than 1,400 safe deposit boxes and seized any box with contents greater than $5,000 worth of cash, precious metals or jewelry at a private safe deposit box company in Beverly Hills.

The warrant application did not include the permanent seizure of the property. Instead, the warrant was a generic search for evidence of a crime because the business owner was charged with money laundering."
 
jultorsk said:
It's no different than FBI seizing everything until investigations have been fully conducted. Many similar examples from the US. Be poor risk management to think it cannot happen in Australia.
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So how does that it make it a "honey pot for Labor?"

Edit to add: as I said before, the government doesn't need to confiscate gold.
 
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You need to prove that you could afford to buy items, receipts only show that you did buy said item but their argument is how could you afford it. “Oh you have 4oz of gold do you?” Income of $65000 but paying $1800/mth rent, $120/mth phone & Internet, $x petrol, food, rego etc etc adds up, you try to explain that this person shares in this/that just drags more ppl into the web to be scrutinised & remember “guilty until proven innocent”, only valuable items seized!

Honeypot for Labor or any other government organisation that directly benefits from seizures of any of an individuals personal property. You do not necessarily need to commit a crime nor be guilty of any, you could just be in the wrong place at wrong time or associated socially, commercially, personally or financially with someone else caught up in this situation. EG shiney is a mod on SS, how long until SS & everyone who uses this platform are targeted by Police? The same Police who are directly funded by the confiscation of high value goods such as gold & silver.

“The onus of proving the property was lawfully obtained is on the respondent and any unexplained wealth may be confiscated and forfeited to the State Proceeds from forfeited money are used by the WA Police Force to fund operations to target organised crime.”

https://www.police.wa.gov.au/Crime/Proceeds-of-crime
 
STC said:
You need to prove that you could afford to buy items, receipts only show that you did buy said item but their argument is how could you afford it. “Oh you have 4oz of gold do you?” Income of $65000 but paying $1800/mth rent, $120/mth phone & Internet, $x petrol, food, rego etc etc adds up, you try to explain that this person shares in this/that just drags more ppl into the web to be scrutinised & remember “guilty until proven innocent”, only valuable items seized!

Honeypot for Labor or any other government organisation that directly benefits from seizures of any of an individuals personal property. You do not necessarily need to commit a crime nor be guilty of any, you could just be in the wrong place at wrong time or associated socially, commercially, personally or financially with someone else caught up in this situation. EG shiney is a mod on SS, how long until SS & everyone who uses this platform are targeted by Police? The same Police who are directly funded by the confiscation of high value goods such as gold & silver.

“The onus of proving the property was lawfully obtained is on the respondent and any unexplained wealth may be confiscated and forfeited to the State Proceeds from forfeited money are used by the WA Police Force to fund operations to target organised crime.”

https://www.police.wa.gov.au/Crime/Proceeds-of-crime
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If you’re worried about this suggests you must have some dodgy sources of money

Police need cause to knock on ones door and invite themselves in, as the 4 corners show says this bikie was a known criminal and yes if they went to his house and found 10oz gold he would be asked to justify how he came to get it.

For Joe Citizen with a clean slate, no one is going to take my gold. The gold i have i have receipts for anyway or at least can show that item was purchased on a forum. Now I have purchased within my means, I have not laundered money into gold from the greenhouse in the back room.

What I have is legitimately mine and the only way it can be taken is if the government legislates owning gold to be illegal. Not happening .
 
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Perth Mint has introduced lately very weird rules. If you want to buy any bullion (even for $1-yes one dollar) you have to sign at the front desk at Mint your name and your mobile number . In a few minutes they sending you SMS and you can buy bullion.If you are buying for over $2000 (not $5000 as per AUSTRAC requirements) you have produce extra your driver licence..... you have been watching..:eek:
 
STC said:
Honeypot for Labor or any other government organisation that directly benefits from seizures of any of an individuals personal property.
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The point argued was the that Albanese was behind the story because the confiscation of assets are seen as a potential source of revenue for the Labor Federal government. Now I don't have any love for Labor nor Liberal or any party, but I do have a love for facts and the accusation that a Federal government would seize assets in order to raise revenue is an example of one of the many misconceptions that exist around fiat currency in a modern economy such as ours.

There could be a host of reasons why a Federal government would rightlfully or wrongfully seize the assets of an individual, but it wouldn't be because they need the revenue. If they need more money they just issue more debt.

Edit to add: what a State government does is another matter entirely as they are revenue constrained to a great extent.
 
Well Australia media did not disappoint with this pointless propaganda story. Wonder how long they spent doing the sinister music in the background.
 
What’s interesting PM got caught out selling gold with silver added. An overseas body , the Shanghai gold exchange discovered the gold was not pure in 2021 and PM covered this story up .
Think this is a huge bit of info that could affect confidence in PM gold ,it suggested it was bars.
 
leo25 said:
Well Australia media did not disappoint with this pointless propaganda story. Wonder how long they spent doing the sinister music in the background.
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I agree the bit about overseas corruption was mundane but the last part of the story was dramatic and would be of interest to all on this forum.
 
The Govt confiscating gold would take too long, take too many AFP's and probably not result in much of a return for the Govt...apart from a truck load of bad will and suspicion from the public....cheaper and easier for the Govt if they wanted physical Au just to buy or nationalise a gold mine or two....or with the stroke of a pen....the Commonwealth Govt could slap a royalty on gold production (on top of the State ones)..
 
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