4 ms·

or you can just bring a bag of cash to buy a condo in NYC https://theweek.com/articles/736313/how-foreign-investors-launder-money-new-york-real-estate https://t

or you can just bring a bag of cash to buy a condo in NYC https://theweek.com/articles/736313/how-foreign-investors-launder-money-new-york-real-estate https://theweek.com/articles/736313/how-foreign-investors-la...

nikanj 2y ago
Vancouver is also more than happy to help you out https://www.sanctions.io/blog/the-vancouver-model-of-money-laundering https://www.sanctions.io/blog/the-vancouver-model-of-money-l...
- lurk2 2y ago
  There have been changes in recent years that complicate this model because you are now required to register the beneficial (meaning the de facto, not de jure) owner of real property in BC. There was also an investigation into the casinos which culminated in the Dirty Money report [0]. Quite a few reforms came about as a result of that, chief among them that a source of funds declaration is required on buy-ins of $10,000 or more and mandatory identity verification is required on transactions of $3,000 or more. > At B.C. casinos, BCLC requires anyone buying-in with cash, a bank draft, or a certified cheque of $10,000 or more in a 24-hour period to complete a source of funds declaration and provide proof of where the money came from. Suspicious transactions in B.C. casinos have declined since this policy was introduced. Additionally, BCLC requires casinos to verify people’s identities for all buy-ins of $3,000 or more in a single transaction. [1] [0]: https://news.gov.bc.ca/files/Gaming_Final_Report.pdf https://news.gov.bc.ca/files/Gaming_Final_Report.pdf [1]: https://www2.gov.bc.ca/gov/content/justice/anti-money-laundering/gambling https://www2.gov.bc.ca/gov/content/justice/anti-money-launde...
- msie 2y ago
  Spreading misinformation hurts everyone.
mentalgear 2y ago
At least Germany recently changed their laws (initiated by the Green Party) that prevents buying real estate with cash. But this has been a money laundering practice for the mob for decades.
- comrade1234 2y ago
  You’re forced to take out a bank loan in Germany if you want to buy property?
  - 9dev 2y ago
    Nope, but you can’t buy property with literal cash, crypto, or precious metals anymore. In Germany people use SEPA payments as the primary means to transfer money, and that is the intended way to handle big transactions.
  - NikolaNovak 2y ago
    I believe there are numerous ways to transfer money without using physical bills; disallowing cash for large purchases doesn't imply a loan. Personal or certified Cheque, money order , wire, interac / email transfer are some of the options, I'm sure there are others. Note, all other criticisms about privacy still apply, thisbis where cash is king of course. But it's not forcing loans :-)
- Gigachad 2y ago
  Australia just implemented laws where you have to show where the money came from when buying property, gold, and some other stuff with cash.
  - ajxs 2y ago
    Are you referring to Australia's AML/CTF Tranche 2 reforms? If so, these actually come into effect on 1 July 2026.
deleted 2y ago
[deleted]
facorreia 2y ago
The Brazilian media reported that the Bolsonaro family bought at least 51 properties with cash. https://noticias.uol.com.br/politica/ultimas-noticias/2022/09/09/como-rastreamos-que-o-cla-bolsonaro-pagou-com-dinheiro-vivo-51-imoveis.htm https://noticias.uol.com.br/politica/ultimas-noticias/2022/0...
pabs3 2y ago
Paying for things in cash is banned over a certain price (usually $10k) in some parts of the world.
alexpotato 2y ago
It used to be that you only had to declare the actual owner of a LLC purchasing a property if the value at sale was over, IIRC, $1.5 million. In NYC that's a typical 1-2 bedroom apartment. They (Treasury Dept?) recently lowered that to $300K. Reminds me of the line from an old NPR podcast: "If you are not a US citizen, the US is one of the best countries for money laundering due to our strong privacy and banking laws."

nikanj 2y ago

Vancouver is also more than happy to help you out https://www.sanctions.io/blog/the-vancouver-model-of-money-laundering https://www.sanctions.io/blog/the-vancouver-model-of-money-l...

lurk2 2y ago
There have been changes in recent years that complicate this model because you are now required to register the beneficial (meaning the de facto, not de jure) owner of real property in BC. There was also an investigation into the casinos which culminated in the Dirty Money report [0]. Quite a few reforms came about as a result of that, chief among them that a source of funds declaration is required on buy-ins of $10,000 or more and mandatory identity verification is required on transactions of $3,000 or more. > At B.C. casinos, BCLC requires anyone buying-in with cash, a bank draft, or a certified cheque of $10,000 or more in a 24-hour period to complete a source of funds declaration and provide proof of where the money came from. Suspicious transactions in B.C. casinos have declined since this policy was introduced. Additionally, BCLC requires casinos to verify people’s identities for all buy-ins of $3,000 or more in a single transaction. [1] [0]: https://news.gov.bc.ca/files/Gaming_Final_Report.pdf https://news.gov.bc.ca/files/Gaming_Final_Report.pdf [1]: https://www2.gov.bc.ca/gov/content/justice/anti-money-laundering/gambling https://www2.gov.bc.ca/gov/content/justice/anti-money-launde...
msie 2y ago
Spreading misinformation hurts everyone.

mentalgear 2y ago

At least Germany recently changed their laws (initiated by the Green Party) that prevents buying real estate with cash. But this has been a money laundering practice for the mob for decades.

comrade1234 2y ago
You’re forced to take out a bank loan in Germany if you want to buy property?
- 9dev 2y ago
  Nope, but you can’t buy property with literal cash, crypto, or precious metals anymore. In Germany people use SEPA payments as the primary means to transfer money, and that is the intended way to handle big transactions.
- NikolaNovak 2y ago
  I believe there are numerous ways to transfer money without using physical bills; disallowing cash for large purchases doesn't imply a loan. Personal or certified Cheque, money order , wire, interac / email transfer are some of the options, I'm sure there are others. Note, all other criticisms about privacy still apply, thisbis where cash is king of course. But it's not forcing loans :-)
Gigachad 2y ago
Australia just implemented laws where you have to show where the money came from when buying property, gold, and some other stuff with cash.
- ajxs 2y ago
  Are you referring to Australia's AML/CTF Tranche 2 reforms? If so, these actually come into effect on 1 July 2026.

deleted 2y ago

[deleted]

facorreia 2y ago

The Brazilian media reported that the Bolsonaro family bought at least 51 properties with cash. https://noticias.uol.com.br/politica/ultimas-noticias/2022/09/09/como-rastreamos-que-o-cla-bolsonaro-pagou-com-dinheiro-vivo-51-imoveis.htm https://noticias.uol.com.br/politica/ultimas-noticias/2022/0...

pabs3 2y ago

Paying for things in cash is banned over a certain price (usually $10k) in some parts of the world.

alexpotato 2y ago

It used to be that you only had to declare the actual owner of a LLC purchasing a property if the value at sale was over, IIRC, $1.5 million. In NYC that's a typical 1-2 bedroom apartment. They (Treasury Dept?) recently lowered that to $300K. Reminds me of the line from an old NPR podcast: "If you are not a US citizen, the US is one of the best countries for money laundering due to our strong privacy and banking laws."