Switzerland - Anti-Money Laundering Laws

[Wellington]

https://www.bloomberg.com/news/arti...and-weighs-tougher-anti-money-laundering-laws
Shame the US doesn't do, as i understand 40% of laundering occurs there.

Note Singapore is changing a lot of laws also.

 

[jafo]

The amount of money laundering going on in Florida, especially in Miami‍ will blow anyone's mind. The amount of money laundered in Florida coming from Latin America⁠ through real estate is mind-boggling. All one has to do is drive down Miami Beach,⁤ especially Bal Harbour.

The US is taking OUT the competition, which is CH and Singapore⁣ for now. After Eduardo Luiz Saverin, renounced his US citizenship and US Senators from both⁢ sides lost their minds, and then, to add insult to injury, Saverin "fled" the︀ US for tax-advantageous Singapore. Since then, Singapore has been a target of the US.

 

[Martin Everson]

That link is behind a pay wall 😕. Added below link in case anybody wants‌ to read.

https://www.reuters.com/markets/eur...ter-rules-combat-money-laundering-2023-08-30/
Bottom line is this was coming for a long time.

 

[jafo]

Yeah, and it's NOT to protect or for the safety of the children! doh948""

PS. Also, 15K. I mean really? Do they think 15K is a lot of money? What‍ a scarcity mentality these people have.

 

[Simon4466]

https://archive.md/20230830162311/h...and-weighs-tougher-anti-money-laundering-laws
pro tip: use archive.is (you can simply do https://archive.is/timegate/{url} where {url} is the‌ url) and you can read the article in full 😀

Those new Swiss rules are going‍ pretty far imo (limiting cash payments on precious metals etc.) but it seems to just⁠ be the US going further with their 'policing the world' mantra, but I do find⁤ it to be odd that the Swiss let them be pushed around like that. Possibly⁣ something to do with the Credit Suisse debacle or maybe I am overthinking it.

 

[DarkRevoMan]

15K for when 'precious metals⁠ are exchanged for cash'. So I guess I can still fly in whatever I want⁤ and store it directly in bonded warehouse at the free-port? Much easier than bringing cash⁣ into Europe and buying gold there. Just fly in with your diamonds, art, gold, whatever⁢ and vault it at the free-port and its never been through customs.

Hopefully these new︀ rules are all for show since they don't touch the actual flow of capital.

 

[myhand]

Where is‌ that located?

 

[Wellington]

Swiss CB, and Major banks bailed out by the US, Treasury︀ providing swap-lines etc.. now another surrogate.

I had art in a Freeport in the UK, it's all a scam really, shipped︂ to asia and they put x$ value knowing full well, i didn't pay that, and︃ you end up paying inflated taxes, which gives them the status as the Gov allows︄ them to operate, thinking x revenues coming in which is x tax, but it's all︅ dashboard money except for the owner when they ship out, that's real money in costs︆ (heavily inflated tax costs 4-6x the purchase value % tax.

 

[DarkRevoMan]

No idea how this︀ is a freeport at all. It sounds like you didn't use a legit provider. A︁ real freeport is located in a duty freezone meaning there is no tax.

100 billion︂ dollars in the Geneva freeport alone. The provider I use is very low cost, private,︃ 24/7 armed secuirity with insurance provided by Lloyds of London (not in Geneva, somewhere else).︄ I keep high value small things there to minimize the cost of the vault.

 

[Cavaliere]

Window dressing,‍ government will water this down significantly.

 

[meze99]

In the meantime UBS just "earned" $28 billion legally after buying "broke" Credit Suisse. Apparently‌ no due diligence was done to estimate Credit Suisse real value, and guess what, I'm‍ pretty sure all the Swiss goverment members who forced this "bad" deal will pass any⁠ AML checks in UBS.

 

[jafo]

Holy moly! Thank you for sharing!⁤

Thought I should add this: https://www.cnn.com/videos/business...tewart-live-fst-083109aseg1-cnni-business.cnn
doh948""

 

[lacomaco]

CS was going bankrupt because of⁤ the stupid mistaeks they made and because of the outflow of money… The government decided⁣ to save them by merging them with UBS. Very sensible, what is the problem with⁢ it? UBS gaining and CS losign nth billions?

 

[Wellington]

When you ship out you pay tax⁢ to import into your importing country... tax was this side, not UK docks freeport side.︀

In my case 5 items (so far) have had 'values' assigned 3 x their purchase︁ cost.

Tax on importing country is 7% (flat) so paying considerably more than intended just︂ to safeguard them from a nuke or the like.

London? - Docklands (economic free zone or something - basically a tax︄ shelter for assets).

Geneva? - There's a few buildings for storage in or around Geneva,︅ don't think its a specific area, i believe its building wise.

With war heating up,︆ don't fancy keeping stuff in Europe.

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Someone mentioned Gold (it's not that kind of︇ asset) but Gold here is 'tax free'... so you can import as much as that︈ as you like.