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Switzerland - Anti-Money Laundering Laws

wellington said:
Shame the US doesn't do, as i understand 40% of laundering occurs there.
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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" the US for tax-advantageous Singapore. Since then, Singapore has been a target of the US.

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

www.reuters.com

Switzerland drafts tighter rules to combat money laundering

Switzerland on Wednesday said it had drafted new rules to tighten perceived cracks in its money laundering regulations, holding lawyers and consultants accountable for reporting risks and stepping up oversight of legal entities, such as trusts.
www.reuters.com www.reuters.com

Bottom line is this was coming for a long time.
 
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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 :D

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.
 
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jafo said:
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.
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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 new rules are all for show since they don't touch the actual flow of capital.
 
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Simon4466 said:

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 :D

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

myhand said:
Where is that located?
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I had art in a Freeport in the UK, it's all a scam really, shipped to asia and they put x$ value knowing full well, i didn't pay that, and you end up paying inflated taxes, which gives them the status as the Gov allows them to operate, thinking x revenues coming in which is x tax, but it's all dashboard money except for the owner when they ship out, that's real money in costs (heavily inflated tax costs 4-6x the purchase value % tax.
 
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wellington said:
Swiss CB, and Major banks bailed out by the US, Treasury providing swap-lines etc.. now another surrogate.


I had art in a Freeport in the UK, it's all a scam really, shipped to asia and they put x$ value knowing full well, i didn't pay that, and you end up paying inflated taxes, which gives them the status as the Gov allows them to operate, thinking x revenues coming in which is x tax, but it's all dashboard money except for the owner when they ship out, that's real money in costs (heavily inflated tax costs 4-6x the purchase value % tax.
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myhand said:
Where is that located?
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No idea how this is a freeport at all. It sounds like you didn't use a legit provider. A real freeport is located in a duty freezone meaning there is no tax.

100 billion 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.
 
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meze99 said:
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.
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Holy moly! Thank you for sharing!

meze99 said:
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.
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Thought I should add this: https://www.cnn.com/videos/business...tewart-live-fst-083109aseg1-cnni-business.cnn
doh948""
 
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meze99 said:
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.
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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?
 
DarkRevoMan said:
No idea how this is a freeport at all. It sounds like you didn't use a legit provider. A real freeport is located in a duty freezone meaning there is no tax.

100 billion 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.
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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 purchase cost.

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

myhand said:
Where is that located?
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London? - Docklands (economic free zone or something - basically a tax 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.

---

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