Australia is introducing (or may have already passed?) a similar Act with an AU $10K limit on "unapproved" cash transactions.
Over the limit you'll need approval.
Of course the usual loophole for the weathy applies, 3x $3,000 face value gold bullion coins [1] is under the cash transaction limit, although at a kilo each and ~$88K per in valuae, that's almost $300K in value technically under any travel or transaction declaration "$10K face value" limits . . .
If I understand correctly you're saying: there is a coin that I can buy for $100,000 (because of its weight in gold) yet it is stamped with $1, which is its face value.
As such it only counts as $1, and this thus is not reportable?
That reminds me of the old argument that laws prohibiting same sex marriage or prohibiting engaging in homosexual sex do not discriminate against gay people since they prohibit both gay and straight people from marrying someone of the same sex or engaging in homosexual sex.
I mean, if the thing you are trying to work around is a law preventing you from paying 300K in cash, I don't think using bullion changes much about how wealthy you are.
Wouldn't you need to use that $3000 coin to pay $3000, ie use it for its face value, for this loophole to 'work'? In which case it would not be very useful...
If you use it to pay $88k then the transaction is obviously $88k although you've then paid in gold, not cash.
I feel that this is a "you can't have your cake and eat it too" situation.
Just hypothesizing, do not actually know if this is the mechanism, but it is entirely possible that by storing gold with a broker could allow them to access the value in order to make other investments. Essentially, having cash as collateral means having it in a bank and subject to these restrictions whereas gold in a 3rd party vault might not be but still give you the same access to credit.
Every time the Australian government does something authoritarian I double my Monero holdings (I'm about to have to give that strategy up :[, unfortunately). If the government starts spinning out of control to the point where people actually need to start dodging these invasive financial laws, those gold coins are going to get seized.
France requires that you declare all funds or “digital accounts” (assets, not only currencies) owned overseas, and made it legal to impose a one-off seizure on all accounts above 100k€ overnight, like they did in Cyrpus. The world behaves as if countries were going to seize all privately-owned assets and make you live on salary.
" and made it legal to impose a one-off seizure on all accounts above 100k€ overnight" please give a source or at least detail the conditions it can be applied. The way you phrase it sounds like it can be completely arbitrary
Well it’s not that. Everything is seized because the money in your bank isn’t technically yours. This is the same wherever in the world. However, there exists a public fund that guarantees that, in case of a bankruptcy of your bank, you’ll be compensated by this fund up to 100k€.
So it’s technically impossible to lose anything if you don’t have more than 100k€ in a checking account. Which, even if you were rich, would be a rather stupid move because you don’t earn any interest on this. If your patrimony is superior to 100k€, you probably own financial assets rather than money in your checking accounts. And since you own your financial assets and your bank is only doing the management for you, they can’t be seized because they aren’t owned by the bank.
So it’s blatantly false to say that you can be seized of anything above 100k€. You’ve got to manage your money really badly to be bitten by this.
> The new EU anti-money laundering and combating the financing of terrorism (AML/CFT) rules will be extended to the entire crypto sector, obliging all crypto-asset service providers (CASPs) to conduct due diligence on their customers. This means that they will have to verify facts and information about their customers.
Yes it’s called ‘structuring’ or smirking and is variously restricted in many places since it’s an obvious on-ramp to money laundering and tax evasion.
Australia is introducing (or may have already passed?) a similar Act with an AU $10K limit on "unapproved" cash transactions.
Over the limit you'll need approval.
Of course the usual loophole for the weathy applies, 3x $3,000 face value gold bullion coins [1] is under the cash transaction limit, although at a kilo each and ~$88K per in valuae, that's almost $300K in value technically under any travel or transaction declaration "$10K face value" limits . . .
[1] https://www.perthmint.com/shop/bullion/bullion-coins/austral...