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  # 1748281 26-Mar-2017 19:12
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blakamin:

 

joker97:

 

Perhaps they are trying to track down cash traders [hint IRD notified]? Meth cooks? Drug dealers? Something other dealers?[Police notified]

 

 

Considering 99%+ of drug dealers and meth cooks wouldn't even think of ever using a bank (because it would get them caught, not because they're stupid), it makes this all pretty pointless.

 

 

 

 

I think it is more to do with dirty foreign money from overseas coming in, and potentially buying high value things, such as houses to clean the money through. Will be interesting to see if this does have any affect on house prices.


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  # 1748293 26-Mar-2017 19:21
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mattwnz:

 

blakamin:

 

joker97:

 

Perhaps they are trying to track down cash traders [hint IRD notified]? Meth cooks? Drug dealers? Something other dealers?[Police notified]

 

 

Considering 99%+ of drug dealers and meth cooks wouldn't even think of ever using a bank (because it would get them caught, not because they're stupid), it makes this all pretty pointless.

 

 

 

 

I think it is more to do with dirty foreign money from overseas coming in, and potentially buying high value things, such as houses to clean the money through. Will be interesting to see if this does have any affect on house prices.

 

 

That's MANY police officers to hire to solve the house price problem when simple policies could work - eg stop Americans from buying up central otago for example





Swype on iOS is detrimental to accurate typing. Apologies in advance.


 
 
 
 




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  # 1748315 26-Mar-2017 20:24
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So if I send my Mum $1100, the Police need to know?





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  # 1748316 26-Mar-2017 20:25
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gzt:
Stu: No, it's just suspicious CASH transactions. That's the folding stuff.


If that's the case, the article is not particularly clear on that:

Article says: The new rules will also see banks alert the Financial Intelligence Unit to all international wire transfers from New Zealand of $1000.


Similar on the 10K if that's cash only.

Anyone have a reference to a clearer article?


Only had a quick look, but this mentions the $10K cash. Article dated July 01, 2013

http://www.interest.co.nz/.......pry-more-customer

 

How will the new law affect customers making cash deposits?

 

When someone makes cash deposits over the counter of $10,000 or more, banks are required to confirm the person’s identity.

 

Where a bank has any suspicions about the customer receiving the deposit, the nature of the deposit, or account activity, banks will need to get more information, including the source of the funds. That’s likely to mean asking some questions about where the money came from, what it’s for, and what the person’s relationship with the account holder is.

 

Also:

 

How will international money transfers be affected?

 

When a customer is sending more than $1000 overseas, their bank needs to collect detailed information about the customer sending the money, and at least the name and account number (or a unique transaction reference) for the recipient.





Keep calm, and carry on posting.

 

 

 

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  # 1748320 26-Mar-2017 20:36
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Actually a lot of information in that article that I'd forgotten about and also some I wasn't aware of. 

 

Reinforces that the proposed changes are pretty much only around police no longer needing a warrant to gather the information that is already being recorded.





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  # 1748330 26-Mar-2017 21:01
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mattwnz:

blakamin:


joker97:


Perhaps they are trying to track down cash traders [hint IRD notified]? Meth cooks? Drug dealers? Something other dealers?[Police notified]



Considering 99%+ of drug dealers and meth cooks wouldn't even think of ever using a bank (because it would get them caught, not because they're stupid), it makes this all pretty pointless.



I think it is more to do with dirty foreign money from overseas coming in, and potentially buying high value things, such as houses to clean the money through. Will be interesting to see if this does have any affect on house prices.


No change there. Any amount of incoming funds from any source is not an issue.

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  # 1748336 26-Mar-2017 21:12
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I think i understand it a bit better now. I'm still not entirely clear what counts as international money transfer. Presumably buying stuff from Amazon with a credit card does not count?

Paying for something with PayPal? That's kind of cash transfer.

I can't see it slowing much crime, too many ways around it.

 
 
 
 


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  # 1748338 26-Mar-2017 21:15
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blakamin:

 

joker97:

 

Perhaps they are trying to track down cash traders [hint IRD notified]? Meth cooks? Drug dealers? Something other dealers?[Police notified]

 

 

Considering 99%+ of drug dealers and meth cooks wouldn't even think of ever using a bank (because it would get them caught, not because they're all stupid), it makes this all pretty pointless.

 

 

gzt: I think i understand it a bit better now. I'm still not entirely clear what counts as international money transfer. Presumably buying stuff from Amazon with a credit card does not count?

Paying for something with PayPal? That's kind of cash transfer.

I can't see it slowing much crime, too many ways around it.

 

Can't track paypal, only bank transfers I understand.

 

That means they're looking to collect more tax from cash jobs.

 

But why police involvement ...





Swype on iOS is detrimental to accurate typing. Apologies in advance.


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  # 1748369 26-Mar-2017 22:28
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No, they are definitely looking for money laundering and drug money:

http://www.police.govt.nz/advice/businesses-and-organisations/fiu?nondesktop

It's late to read documents and legislation so I'll leave the link up for later.. ; ).

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  # 1748410 27-Mar-2017 02:08
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mattwnz:

 

Potentially it could affect people here. Say you need to pay a deposit on a house, and they seller specifies cash on the SPA.

 

 

There was a court case about this several years ago. A buyer and seller agreed a real estate deal. For some reason the seller wanted to back out of the deal. The contract required the buyer to pay a cash deposit. The buyer paid this deposit with a bank cheque. Ha ha said the seller a bank cheque is not cash I'm canceling the deal. It ended up in court with the judge deciding that a bank cheque was equivalent to cash so the deal stood.

 

Back in the days when knights were bold and thieves would rob and kill an traveler carrying coins correspondent banking and letters of credit were used. It would be a pity if a reasonable person wanting to take some cash to America to visit Disneyland couldn't do it through the banking system so had to resort to giving cash to the Head Hunters in return for a letter of credit to be redeemed by Hells Angels in LA minus a hefty commission of course.





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  # 1749230 28-Mar-2017 10:28
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Unless something major has changed within NZP, it's only a very small unit FIU that actually receives and has access to this data, the submissions were (are?) via a web interface.


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  # 1749277 28-Mar-2017 10:58
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cshwone:

 

I have a UK pension and transfer over $1000 every month to my NZ account. This is declared to IRD and I pay every cent of the tax dutifully. Now these transactions are going to be declared to the Police!! I know that some will say that as I have nothing to hide then I have nothing to worry about. But this just hacks me off that more agencies are getting access to my financial affairs and increasing the chances of bureaucratic cock ups which cause stress and have to be dealt with.

 

Makes me grumpy.

 

 

 

 

The article says from NZ

 

 

 

"The new rules will also see banks alert the Financial Intelligence Unit to all international wire transfers from New Zealand of $1000."


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  # 1749383 28-Mar-2017 13:38
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I've never done a cash transaction anywhere near $10k.





Mike

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  # 1749445 28-Mar-2017 14:32
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My guess is the biggest single category of overseas wire transfer will be kiwis sending money to family in the Pacific Islands.



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  # 1749498 28-Mar-2017 15:40
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MikeAqua:

 

I've never done a cash transaction anywhere near $10k.

 

 

 

 

Not with actual money. I have transferred cash from accounts well in excess of that though.






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