-->wo man doch ganz schnell ein"Terrorist" werden kann...

Quelle: Sinclair Website


Gold coin purchases from US dealers could become
problematic under revised Patriot Two legislation


Under the new rules, precious metal dealers who purchase or receive more than $50,000 in"jewels, precious metals, precious stones, or jewelry" are required to implement an anti-money laundering program. The program must include the adoption of"know your customer" type procedures. In addition, the dealers will also be required to report cash receipts exceeding $10,000.

These"know your customer" procedures require dealers to develop a profile of a typical money launderer. That profile is based on a list of legal transactions that federal bureaucrats have determined are often employed by money launderers. Dealers are required to file a suspicious activity report whenever one of their customers matches that profile.

Since fines under Patriot Two can go as high as millions of dollars against dealers who fail to report suspicious transactions, the simple act of making a cash investment in coins could cause honest, law-abiding citizens unwanted problems, tax audits and legal fees.

I am sorry to say but the wish to have international assets can easily fall into the wire transfer profiles that will cause unwanted investigation, regardless of the propriety of your actions. In order to avoid these fines, dealers are simply making reports of all cash and repeat transactions regardless of threshold amounts.

There is no question in my mind that illegal money laundering must be eliminated. However, eliminating the practice should not sweep up the innocent as well.