Do major dealers have any controls in place to prevent money laundering?
Longacre
Posts: 16,717 ✭✭✭
Every year at work we have to sign a document acknowledging that we will follow the corporate integrity guidelines. One of the things that I need to "sign off" on is working to prevent money from inadvertantly being laundered through the company by outside people. An example that they give is "a long-time US customer wants to by [a product] and donate it to a clinic in the Middle East. The customer pays with a wire from an account in the name of a USVI company, at a bank located in a Pacific Island nation."
Because coins can store an immense amount of wealth (and they can be easily transported), do the large dealers have any controls in place to prevent dirty money from being laundered through your business through the acquisition of very valuable rare coins?
Because coins can store an immense amount of wealth (and they can be easily transported), do the large dealers have any controls in place to prevent dirty money from being laundered through your business through the acquisition of very valuable rare coins?
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
0
Comments
We have to fill out a special IRS form if we receive more than $10,000 in cash for one transaction. We also have to report a cumulative amount of money recieved from one customer if it is all in cash within a one year period. There are other safeguards to prevent money laundering. You can usually tell if someone is trying to launder money. When the flags go up, then you have to tighten the method in which a transaction is handled.
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The money laundering question I posed is this: What are you going to do or say if someone comes to you and TELLS you that you are going to launder money for them? Any of you dealers prepared to deal with this situation? Do any of you dealers know what NOT to do or say?
Jerry
kinda like pawnshop owners that except stolen goods.
not suppose to do it but, you know it happens
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>If I remember correctly, a few years ago a major dealer went to prison for over a year for money laundering. I believe it was the owner of Silvertowne. >>
Leon Hendrickson. It sounds bad but he was more the victim. He unknowingly did a series of cash transactions with one person over an extended period of time that resulted in a prosecution. This was before it was common knowledge about a 'series of transactions' interpretation.
Random Collector
www.marksmedals.com
Now that the mood is set, you can have a better understanding of how Leon was incorrectly punished for doing what every other dealer at the time was doing; taking cash as payment from customers.
Here's the difference: one of the guys buying bullion from Silvertowne was a big time drug dealer and he was laundering money through buying/selling bullion. When the drug scum bucket got caught, the FBI implicated everyone along the way, including innocent merchants. The government decided to make an example out of one of the most honest dealers in the country. Really pathetic.
Leon Hendrickson is a very honest, hard working, down-to-earth guy. Anyone who has had the honor to meet him would agree that he is top of the line. He just fell victim to "the system".
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