It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
Effective December 30, 2008, new requirements under the Proceeds of Crime (Money Laundering) Terrorist Financing Act (PCMLTFA) will apply to dealers in precious metals and stones. More information on record keeping and client identification will soon be available...
A dealer in precious metals and stones means an individual or an entity that buys or sells precious metals, precious stones or jewellery, in the course of its business activities. You are subject to the requirements listed below if you ever engage in the purchase or sale of precious metals, precious stones or jewellery in an amount of $10,000 or more in a single transaction.
Originally posted by FredT
On the flip side can they keep track of all of them?
Originally posted by mythatsabigprobe
reply to post by FredT
They already flag all large bank transactions so if you paid for your wife's baubles form a bank account they're already tracking you Fred.
Originally posted by Gools
[They won't have to.
The miners and bullion dealers will be responsible for reporting to the government with penalties hanging over their heads. Details have not been published yet.
All I know is that right now you can walk into Kitco's office in downtown Montreal and exchange cash for a couple of gold Maple Leafs with no questions asked. I'm not sure what happens when you sell to them since I only bought three (at about $600)
I think there are tax changes coming or they are getting ready for gold and silver seizures sometime in the future.
Criminals, terrorist and money launderers are already operating on a black market.
Originally posted by FredT
Are the Maple leaves a government issued item?
Gold glitters a little too brightly
An array of gold and silver coins from various mints - including the U.S. Mint and the Royal Canadian Mint - have been temporarily removed from the offerings at Kitco Inc., a precious metals dealer that does a roaring trade online and out of its Montreal office.
The removal, in effect until "further notice," are due to production and delivery delays, the company's website said.
While the U.S. Mint has told its dealers it is ceasing production of some of its popular American Eagle gold coins for the rest of this year, gold coin production at Canada's mint is proceeding as fast as possible, a Royal Canadian Mint spokesperson said yesterday.
"We are filling demand as quickly as we can and getting the orders out there," Christine Aquino said from Ottawa.
She couldn't define the time lag between requests from authorized dealers such as Kitco for gold and silver coins and delivery of those products.
Canada's mint has closer contacts with its suppliers of precious metals than does its U.S. counterpart, Aquino said, and it controls its gold bullion manufacturing process "from start to finish."
Originally posted by whiteraven
Hold on here...lol...did you start two threads with the same title??