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Bank of England bit coin
Comments
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If someone withdraws cash from their bank, the bank will naturally record that transaction. But the bank will have no idea what the customer spent the money on.
If Joe Bloggs withdraws a £100 from his bank and spends it on smack, there will be no third party record of that transaction. Ask Joe Bloggs where the money went, and he may well say he spent it in Tesco, and you have no way of proving otherwise.
That's still a paper trail which can lead a jury to send someone down. A piccaso that's never seen an auction ever, is far better.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
That's still a paper trail which can lead a jury to send someone down.
No, there isn't. There is no third party paper trail for transactions in the black market. I am mystified as to how anyone can think otherwise....A piccaso that's never seen an auction ever, is far better.
Far better for what purpose?0 -
That's still a paper trail which can lead a jury to send someone down. A piccaso that's never seen an auction ever, is far better.
Makes me wonder why druggies don't just adopt unknown Picasso's as currency instead of traceable cash. Seems almost reckless to do otherwise.
Glad to see the BoE is on the case to solve the problem.0 -
Makes me wonder why druggies don't just adopt unknown Picasso's as currency instead of traceable cash. Seems almost reckless to do otherwise.
They do already, when they are sufficiently big time.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
No, there isn't. There is no third party paper trail for transactions in the black market. I am mystified as to how anyone can think otherwise.
Feel free to stay mystified if you wish. No reason for it though.
http://www.nytimes.com/2013/05/13/arts/design/art-proves-attractive-refuge-for-money-launderers.html?_r=0Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
Feel free to stay mystified if you wish. No reason for it though.
http://www.nytimes.com/2013/05/13/arts/design/art-proves-attractive-refuge-for-money-launderers.html?_r=0
That link is to a report about the use of art in money laundering. That's not news, and it's not relevant to the claim you were making.
Look, it;'s really quite simple. If you are running some kind of illegal business, you sell your product for cash, because that leaves no record. But once you have that cash, you need to find a way of making that cash appear legitimate. Buying art appears to be one of the methods now adopted.
But that has no relevance to your original erroneous claim that a "paper trail" was generated when a customer withdrew cash from a bank and spent it in the black market.
And paintings don't have VAT numbers either.0 -
That link is to a report about the use of art in money laundering. That's not news, and it's not relevant to the claim you were making.
Look, it;'s really quite simple. If you are running some kind of illegal business, you sell your product for cash, because that leaves no record. But once you have that cash, you need to find a way of making that cash appear legitimate. Buying art appears to be one of the methods now adopted.
But that has no relevance to your original erroneous claim that a "paper trail" was generated when a customer withdrew cash from a bank and spent it in the black market.
And paintings don't have VAT numbers either.
The article clearly explains how obtaining cash in quantities causes a paper train for illegal activities. My assertion is wholly correct, yours is a failure to accept at times you are wrong.
Here's another one.
"The core of any successful money-laundering enterprise is secrecy -- the lack of a defined 'paper trail,' " said Lynda Albertson, CEO of the Association for Research into Crimes against Art. "That makes the secretive nature of the art market in general, and China's market specifically, ideal for covering illicit activities."
http://money.cnn.com/2014/02/20/news/economy/china-art-laundering/
I never said it was 'news', just stated a fact.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
... And there lays a paper trail. The cash would have been withdrawn somewhere. Some paintings on the other hand have never had a vat number assigned to them ever. The perfect currency of criminality.
Silver bullion is far better than paintings. You can't trace silver bullion.
Lots of people talk about fine art, well what about art silver bullion? rare and has intrinsic value.
The silver shortage means you will have a hard time finding any, long waiting lists and us silver eagles are being rationed due to the shortage.The thing about chaos is, it's fair.0 -
Silver bullion is far better than paintings. You can't trace silver bullion.
Lots of people talk about fine art, well what about art silver bullion? rare and has intrinsic value....
What about gold bullion? It has a better weight to value ratio and thus would be easier to shift. Plus you don't have to pay VAT. Of course, AML regulations apply to bullion dealers, so it's not that easy to buy large quantities without providing proof of ID etc....The silver shortage means you will have a hard time finding any, long waiting lists and us silver eagles are being rationed due to the shortage.
What shortage?
You can buy as many silver eagles as you want. "Great volume discounts available."
https://www.bullionbypost.co.uk/silver-coins/american-eagle-1oz-silver/?gclid=CIrEx5j5jMgCFQkUwwodWWcHIw0 -
Silver bullion is far better than paintings. You can't trace silver bullion.
Lots of people talk about fine art, well what about art silver bullion? rare and has intrinsic value.
The silver shortage means you will have a hard time finding any, long waiting lists and us silver eagles are being rationed due to the shortage.
Two Reasons
1) Art is easier to nick. People can't help but show it off. Bullion gets stored in very discreet places. So it becomes a more common currency.
2) Easier to move around.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0
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