1994-04-18 - Re: Laundering money through commodity futures

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From: Mats Bergstrom <matsb@sos.sll.se>
To: cypherpunks@toad.com
Message Hash: 7a26fe80f2531e6f32bb3514d698a799d3961f2eec6077d71e125deef2d984aa
Message ID: <Pine.3.85.9404181943.A13124-0100000@cor.sos.sll.se>
Reply To: <199404180148.SAA13372@mail.netcom.com>
UTC Datetime: 1994-04-18 18:25:54 UTC
Raw Date: Mon, 18 Apr 94 11:25:54 PDT

Raw message

From: Mats Bergstrom <matsb@sos.sll.se>
Date: Mon, 18 Apr 94 11:25:54 PDT
To: cypherpunks@toad.com
Subject: Re: Laundering money through commodity futures
In-Reply-To: <199404180148.SAA13372@mail.netcom.com>
Message-ID: <Pine.3.85.9404181943.A13124-0100000@cor.sos.sll.se>
MIME-Version: 1.0
Content-Type: text/plain

On Sun, 17 Apr 1994, Timothy C. May wrote:

> The same article mentioned that bribes were often paid to people by
> selling them artworks at "artificially low" prices. (The notion that
> there is some "true" or "market" price for thinly-traded things like
> paintings is at issue here. Many opportunities for tax evasion, money
> laundering, and bribes. And not much the government can do about it.)

Some 3 years ago the Swedish legislation made it taxable to profit from
a private buy-sell art transaction (above a certain profit-percentage, 
around 50). Art prices fell to 0.25 but that included the general recession
of the time (that has not yet recovered, art is still bad business - or
a buyers market). See how easy it was to launder money in the 80's: buy
a piece of cheap art - 'give' your dirty money to an 'art collector' who then
buys it from you at an inflated price and just stores it - who is to tell
the value of art? - and the 'collector' is of course a fall-guy with his
office in his pockets and no permanent address (except the racing track).
Funny, even now I always see a lot of art dealers at the tracks...(trotting
is the big thing over here). Buying a winning coupon is still very safe.
For a $10000-range one you pay an extra 10%, for bigger ones 5%.