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  • Money Laundering

    Wow people are laundering money via Auckland real estate, shocker:

    http://www.nzherald.co.nz/business/n...ectid=11706741

    The article says the government were briefed about it a year ago, but have done nothing. Again, shocker.

    Seems everyone just wants the party to keep going, even if it means illegal funds can be legitimised.
    Squadly dinky do!

  • #2
    I just went to a new bank for a property and man was it a royal pain to comply with the AML rules. You can see what they're trying to achieve but I hope they figure out a smoother way to manage it. If you're offshore and ever think you'd like to borrow with a new lender get in touch with them or your broker on a trip home and get all that stuff out of the way.
    Free online Property Investment Course from iFindProperty, a residential investment property agency.

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    • #3
      Yeah these a-holes who are doing this are going to make all of the rest of us (the 99.9% honest ones) jump through a whole heap of hoops so that they and their ilk can be caught.
      Squadly dinky do!

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      • #4
        Originally posted by Nick G View Post
        I just went to a new bank for a property and man was it a royal pain to comply with the AML rules. You can see what they're trying to achieve but I hope they figure out a smoother way to manage it. If you're offshore and ever think you'd like to borrow with a new lender get in touch with them or your broker on a trip home and get all that stuff out of the way.
        Just moved all business from one bank to another and did it on a return to NZ - took about 8 weeks! AND THEN....I had to do the AML stuff for my off-shore bank accounts as I had made adjustments to them as a part of the process....am still going with them a further 3 weeks later. Thank goodness, I had new identity docs prepared and verified for me and my partner when in NZ otherwise our Jersey Island bank would have shut our account down. It is tough but I am pleased there is so much checking going on - way more than there was when we first opened off-shore accounts in 2001.

        If you live off-shore ALWAYS have a Power of Attorney! We had one, if not, then I don't know how we would have progressed.

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        • #5
          And the obscure take on it..

          1914, the imperial powers are just about to carve up the middle east, destabilising the natural power structures.
          One turns to the other.
          "You know, this could really go wrong for us. It could make future air travel and banking a real pain".
          The other replies.
          "No no, it will be fine, besides, well all be long dead by then, so, this slice for you?"

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          • #6
            I know a few cops moaning that they can't afford to live in Auckland based on their salary. Meanwhile lots of gang members and organised crime figures making good $$ from investments they have bought with laundered money.

            I have no sympathy for these cops and always remind them they should have made better life choices....

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            • #7
              Lol. Seriously?
              So who's going to stop criminals stealing all your money when there are no police?
              plus I'm thinking that as you're on your old age death bed taking your last suck of air, you will wise up and see that a man upholding civil peace and justice made way better life choices than you.

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              • #8
                boom's lost the ability to argue

                now's been reduced

                to lame sarcasm
                have you defeated them?
                your demons

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                • #9
                  Oops. Oh well. No harm in restating the big picture for youngsters.
                  One funny thought about the whole attempt to cut off funds to those who want to remake the old Ottoman empire.
                  in boom style.
                  Remember kids, if you're going to be immoral, make sure you do it in a way that aligns with the superpower structures of your time.

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                  • #10
                    I hope that the $40mil settlement by Bill Liu will go towards better policy funding...

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                    • #11
                      Originally posted by Gary Lin View Post
                      I hope that the $40mil settlement by Bill Liu will go towards better policy funding...
                      It's strange isn't it? If you steal over $100 million, the cops catch you, you say "Oh well, you caught me, how bout I pay $40 mill or so, we all walk away, no guilt admitted and everyone's happy?" And the cops go "Sure OK."

                      But f you steal a car, and if the cops catch you, you are getting a record, will be before the courts and you will be punished. It's not like you can say to the cops, here's a couple of grand, I'll sign something saying I won't do it again, (without admitting liability) and we both walk away happy? The cops have a very different take on that situation...

                      By the way the $40 million is to be split between NZ and China. I imagine they'll get the better end of the stick on that one.
                      Squadly dinky do!

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                      • #12
                        ^^^^

                        Spot on.

                        He will be laughing... $40 mil will be play money to him.

                        "The Herald can now reveal police saw Mr Yan socialising with the head of a major methamphetamine syndicate in a private karaoke room. Feng Chih Hsu was arrested a few months later.

                        The 36-year-old from Taiwan, also called Daniel Hsu, was arrested in Operation Acacia when police found a cache of high-powered weapons - including sniper rifles in suitcases - and $5.5 million of methamphetamine in his North Shore home.
                        He was sentenced to 17 years and three months in prison this year after guilty pleas arising from what police called New Zealand's biggest drug bust.
                        Police also seized nearly $1 million in cash in a suitcase from his home."

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                        • #13
                          Come on guys... It's not like he was an evil propert investor ...

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                          • #14
                            I was wondering if New Zealand didn't simply extradite him because we don't do that if the person will face the death penalty.

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                            • #15
                              Based on Kim Dotcom and Bill Liu, NZ Law is ridiculous really.

                              Also my wife got robbed inside Sylvia Park Mall in the middle of the plaza outside country road yesterday. The islander girl took my wife's baby bag with nothing valuable. We chase her and caught her and security were with us, but we couldn't detain her or stop her from leaving. in the end she got away easy and police was a minute too late.

                              NZ laws too soft imo.

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