A former senior bikie walked into the Perth Mint to buy gold. Officials didn't ask any questions!

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Jennifer

Jennifer

Jennifer
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It's an interesting episode of Four Corners. "We're not saying that he purchased the gold with funds sourced from illegal activities but he has tatts so... like ... ya know"... That'll teach people for talking to you on the phone, threw him under the bus didn't ya ABC! šŸ¤£

OMG šŸ¤Ŗ... Oh ABC are there no bigger fish to fry in life? Go do another story on ice, those are always popular. Wanna see money laundering? Let us Canadians show you how it's done, (and one of you Aussies blow it wide open)... see second video.
Jen



Canadians do money laundering right... and it took an Aussie to blow it wide open, mind you my former employer, the Royal Canadian Mounted Police, couldn't have cared less.

 
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Criminal or criminals, maybe maybe not? I've ran into plenty that have caught the "FEVER" and can tell you it turns many a good honest Joe into Dodgy DanšŸ˜Ž with more moves than a chess board šŸ˜Œ:D:D. Fitting quad tyres backwards, driving in circles and driving up creek beds for a few K but a few of the tools used to get rid of Dodgy Dan the following man. Then if all else fails it's up close and personal time ;) Gold is gold and has caused incite since it's discovery and will continue to do so. šŸ˜’
 
I don't think the bikie is much of a story - they did record his driver's licence, as is required for any single transaction over $10,000 in cash or other, so that left a trail. "Scrutinising" everyone is a big ask.

"The most serious failing by the Perth Mint when it comes to its anti-money laundering obligations is not declaring international movements of money. Any institution which receives funds from offshore must register these transfers with AUSTRAC. Four Corners has been told the mint failed to register more than 5,000 of these transactions in just nine months. Each failure can be punished with a fine of up to $21 million. These are not just civil penalties, this failure can also bring criminal charges".

If you consider they sold $20 billion last year, that is a story.
 
I don't think the press understands the Shanghai Exchange standards. The gold might have met the 99.99% gold requirement, in which case the exchange got the full amount of gold (Au) it paid for. However it sounds as if an impurity (probably silver) exceeded the maximum amount permitted by the exchange - it must also have less than 0,005% silver (Ag) even if it contains 99.99% Au as required. So I am not sure to what extent the Exchange would be concerned - it will probably simply say that those ingots with higher Ag (only a proportion of what they bought from the Perth Mint) are Grade II not Grade I as claimed, and insist on paying what they pay for Grade II ingots in the case of those specific ingots. My suspicion is that it is a bit of a beat-up.

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goldierocks said:
I don't think the press understands the Shanghai Exchange standards. The gold might have met the 99.99% gold requirement, in which case the exchange got the full amount of gold (Au) it paid for. However it sounds as if an impurity (probably silver) exceeded the maximum amount permitted by the exchange - it must also have less than 0,005% silver (Ag) even if it contains 99.99% Au as required. So I am not sure to what extent the Exchange would be concerned - it will probably simply say that those ingots with higher Ag (only a proportion of what they bought from the Perth Mint) are Grade II not Grade I as claimed, and insist on paying what they pay for Grade II ingots in the case of those specific ingots. My suspicion is that it is a bit of a beat-up.

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https://www.perthmint.com/news/media-announcements/corporate/response-to-abc-tv-allegations/
 
mbasko said:
https://www.perthmint.com/news/media-announcements/corporate/response-to-abc-tv-allegations/
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Yes, as I said, it appears to be a ppm silver issue of minor consequence.

Likewise they obviously cannot publicly discuss customer transactions. However if they get proper identification (as they did in this case) they are not required to refuse sale - and would be very unwise to do so. It is only if they doubt the ID that they can do that. Their sole obligation otherwise is to simply report transactions above a certain amount, and I don't see how the reporter would know that they did not do so.

It seemed a total beat-up to me.
 
goldierocks said:
Yes, as I said, it appears to be a ppm silver issue of minor consequence.

Likewise they obviously cannot publicly discuss customer transactions. However if they get proper identification (as they did in this case) they are not required to refuse sale - and would be very unwise to do so. It is only if they doubt the ID that they can do that. Their sole obligation otherwise is to simply report transactions above a certain amount, and I don't see how the reporter would know that they did not do so.

It seemed a total beat-up to me.
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Was in a rush when I put the link up.
Yes agree looks a total beat up to me too. Replied to your post as you'd hit the nail on the head 1 day prior to Perth Mint commenting. šŸ‘
 
mbasko said:
Was in a rush when I put the link up.
Yes agree looks a total beat up to me too. Replied to your post as you'd hit the nail on the head 1 day prior to Perth Mint commenting. šŸ‘
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I'm probably a grumpy old man (my wife would agree) but I am fed up with the media regardless of political colour. Too ready to put the boot in I feel.
 
i was a member 17 yrs and still involved with my local 1% club and proud of it but does that make me a person of bad statue if it,s legal to buy it what the problem šŸ¤”šŸ¤”
 

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