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The authorities will be coming for your gold next


Bumble

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Under EU rules, gold is now classified as 'cash' for the purposes of restrictions governing what may be transported between EU countries and also across borders with non-EU countries. Similarly with rules for seizure: an officer needs only a suspicion about the source of your 'cash' and it can be confiscated. The onus will be on you to prove that you acquired it legitimately. Before long, any gold coins will be assumed to be the product of money laundering or drug dealing unless you can prove otherwise.

Press release from the EU:  http://europa.eu/rapid/press-release_MEMO-16-4458_en.htm

Briefing note on the use of gold for money laundering:  http://www.fatf-gafi.org/media/fatf/documents/reports/ML-TF-risks-vulnerabilities-associated-with-gold.pdf

 

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Here in the United States I believe gold in any form other than a coin is considered bullion and is subject to confiscation, I should'nt said confiscation, sell back to the government. And coins fall underneath numismatic

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38 minutes ago, PansPurse said:

Frankly, this seems a bit of a stretch.

This is what is happening in the states all the time (well with cash, not gold). Confiscation all over the place, legal racketering by the ploice forces.

Profile picture with thanks to Carl Vernon

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2 minutes ago, sovereignsteve said:

This is what is happening in the states all the time (well with cash, not gold). Confiscation all over the place, legal racketering by the ploice forces.

Ok, I have heard of asset seizures in the US (and yes it's definitely a serious issue). I'm not sure how prevalent that is in Europe.

That said, the links offered point to a reclassification of gold to classify it the same way as cash for money laundering purposes, which I actually think sounds fair enough. The second link does include a list of red flags for money laundering, but again these seem reasonably straightforward, nothing that should necessarily impact most stackers and collectors.

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19 hours ago, Bumble said:

Under EU rules, gold is now classified as 'cash' for the purposes of restrictions governing what may be transported between EU countries and also across borders with non-EU countries.

That's not the case, the link is quite explicit concerning cash movements in and out of the EU, not between EU countries.  Free movement of capital is a fundamental part of EU so there's no chance they'll be seizing gold or silver between say Belgium and UK under this adjustment.  Now when UK leaves the EU, that might become an issue, and we'd hope that the rules are copy/pasted otherwise they'll be no more buying VAT free silver (unless that becomes unnecessary with VAT free silver in UK).

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That's because they don't need to prove your guilty. It's the system of guilty to proven innocent.

To this day you still have German customs doing checks on the Luxembourg border for anyone traveling with 10000€ or more in order to claim them as undeclared income. But there is no bank secret anymore. Heck, if they wanted the Germans could ask for all my bank info and it would be supplied under EU law. Even though I don't live there and I ain't a citizen of they'res. 

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Free movement of capital within the EU does not override anti-money laundering considerations. An individual or business can move money within the EU, but if there is a suspicion that the money is illegal, it can still be subject to confiscation. And the UK is going along with this, so even if the UK does leave the EU, it won't matter. Already in the UK if you try to pay or withdraw £10,000 in cash from your bank, your bank will report it as a potentially suspicious transaction to the tax authorities. They may even refuse to give you that much cash: try it and see.

The latest updates to the anti-money laundering regulations in the UK require banks and brokers to hold much more information about their customers in order to confirm who they are and what the source of their money is. If you have a brokerage account in the UK you have probably already been contacted recently about updating your information.

What I am identifying here is a trend. It used to be that if you didn't break the law, the authorities left you alone. Now you can have your cash confiscated if you can't prove that you obtained it legally. Gold and cryptos will be next. Governments will require crypto exchanges to register customers in their real names, perform ID checks and disclose those identities to the tax authorities. I predict it won't be long before governments require their citizens to make an annual disclosure of the value of all their assets, including gold and cryptos. If the existing cryptos prove too difficult to regulate effectively, governments will introduce their own controlled cryptos and ban the 'rogue' ones.

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12 hours ago, CosmikDebris said:

I wonder if the Cypriots would consider it a bit of a stretch!? 

Ooh interesting. I hadn't been previously aware of what happened in Cyprus. I think it's a little bit of an apples to oranges comparison, but it does also raise some interesting issues with individual European states not having the ability to implement quantitative easing. Ironically this is more like what tended to happen under the gold standard rather than with fiat currencies.

I guess my thought was simply that the OP links don't strike me as a smoking gun for imminent and aggressive asset seizures

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Ultimately if you have nothing to hide you have nothing to worry about surely!?!?!

Pay your taxes, and don't be a money laundering drug dealer... that's what my dad always used to say to me ?

Visit my website for all my Hand Poured Silver: http://backyardbullion.com

And check out my YouTube channel 

https://www.youtube.com/backyardbullion

 

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54 minutes ago, BackyardBullion said:

Ultimately if you have nothing to hide you have nothing to worry about surely!?!?!

Pay your taxes, and don't be a money laundering drug dealer... that's what my dad always used to say to me ?

+1 and only withdraw £9999 ;) it doesn't flag up as "suspicious" just saying 

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18 hours ago, 60015 said:

I wonder where you'd stand with sovereigns as they are legal tender with £1 face value. I could just imagine the argument with customs!

I will buy ALL your sovereigns with a face value of £1 for £100 each but would expect free shipping on 10 or more !!

 

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2 hours ago, BackyardBullion said:

Ultimately if you have nothing to hide you have nothing to worry about surely!?!?!

Pay your taxes, and don't be a money laundering drug dealer... that's what my dad always used to say to me ?

Absolutely right - got to pay tax on earnings and tax on purchases then once you have been cremated the state will take what's left.

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The thing I find funny is that growing up it was all about having transparent governments and politicians. Don't know if anyone notices but that isn't true anymore. It's all about a transparent citizen. 

Haven't you noticed that under the guise of terrorist threat people are loosing more and more rights in the name of security? Especially a security that doesn't exist.

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You can always head off to Grand Cayman and use the expertise ( allegedly ) of investment gurus and save paying your taxes like the uber-rich.
Went there last week and took two pictures in George Town and spotted the wise foul right on the main street in the Capitol itself - I kid you not !!
Does this place resemble the justified headquarters of many big multi-billion corporations ?

IMG_1333.thumb.jpg.22567a66281fd7d5cdff35e3f99ec70f.jpg

IMG_1331.thumb.jpg.66fd638aa17350ebcc9a0911cece2e63.jpg

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1 hour ago, Pete said:

Absolutely right - got to pay tax on earnings and tax on purchases then once you have been cremated the state will take what's left.

the dust will be made into a diamond and auction off, proceed go into the government coffer  

nothing would be left behind by that state

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3 hours ago, BackyardBullion said:

Ultimately if you have nothing to hide you have nothing to worry about surely!?!?!

Pay your taxes, and don't be a money laundering drug dealer... that's what my dad always used to say to me ?

 

we will not treat you like a criminal unless you are forgetful and

misplace the receipts for your coins that you plan to use to help

with retirement?

I like how they create a law for money laundering criminals to

abide to when they are trying to launder money by using gold.

what's next, Mr. T stopped at customs?

 

HH

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The UK Government is welcome to as much of my wealth as they deem fit.  I'm sure that they'll use it wisely, both for my benefit and that of the community as a whole.  They can have it all when I pass - I won't have much use for it where I'm going ?

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