I don`t know if you remember the news that Ying Da, a famous Chinese actor and director, was arrested overseas for money laundering in 2017.
Of course, the Chinese star faces a fine of up to $ five hundred thousand and up to 10 years in prison for "ant moving" foreign exchange!
In recent years, the news about the "Chinese foreign exchange penalty" has occurred repeatedly, and the micro-newspaper has also reported a lot, but even so, some people still know the past and try the law, and they have lost both men and women!
1, Huagang large amount of money to save, was fined $ two hundred thousand!
As we all know, over the last few years, the global regulation of foreign exchange and tax avoidance is becoming more and more stringent, and with the implementation of the CRS (Global Tax Information Exchange), overseas Chinese assets are fully "transparency"...
But in the past two years, the more high net worth families choose to emigrate overseas, domestic investors will also look abroad, so naturally, Australia, Canada and the United States have become the "focus" of tax authorities.
But just recently, Li, an American Chinese, was suddenly arrested! And face huge fines and up to 10 years in prison!
The "Chinese" friend in the United States was so scared: does Li usually look so honest, is he guilty of any felony?
Speaking of this, he may have done more or less overseas, but not many times have not been found; and Lao Li also thought that his "little smart" would never be discovered.
What exactly is this "smart"?
In fact, it is the small trick of "huge sum of money and zero savings".
Here`s the thing. Over the past two weeks, Li has been worried about how to put $ four hundred thousand in his hand in the bank, so much money in his arms every day, that he can`t sleep well.
But if you go directly to the bank and deposit it, you`ll have to be checked out, or you`ll have to be charged a large amount of tax.
Because cash transactions, including remittances, deposits and withdrawals, are subject to very strict restrictions under U. S. government rules, banks have to report to the IRS for more than $10, 000 in personal currency transactions within 24 hours.
And Lao Li this four hundred thousand if goes directly to the bank deposit, is afraid to want to be looked up by the IRS, then how to do?
Lao Li has come up with a "smart" way: don`t you say that more than $10, 000 will be reported, then I will save $9999 each time, without meeting the 10, 000 limit, and then 41 days to save it, don`t you just take care of it?
So, for more than a month, Lao Li went to the bank with thousands of dollars a day and was complacent about his "witty" approach.
As a result, he almost finished the big project of "ants moving", but it fell short of success!
Although he did not deposit more than $10,000 a time, his frequent trading and cumulative total of more than $400,000 have attracted the attention of the banks.
In the end, Lao Li carefully "moved" for more than a month, or was targeted by the IRS, and was also told:
You are suspected of money laundering, and have violated the anti-money laundering law, may face up to 10 years imprisonment and huge fines!
Finally, after the IRS found out the source of his assets, Lao Li was lucky enough to escape prison, but-
Two hundred thousand dollars!
Equal to half of the money deposited!
The Laoli family learned this news, repentance at the beginning, it is not as good as paying taxes honestly, now can be good, losing the husband and giving up soldiers, not only have a "black history", good end of the four hundred thousand was also fined half of the … "
Li is lucky, though, after a Texas female teacher Linda got arrest for the same thing.
Between January 2010 and October 2013, she saved 111times, totaling US $ five hundred and eighty thousand; in the end, she was sentenced not only to 18 months in prison, but also to seven of her own real estate confiscated by the IRS.
In order to evade taxes and avoid taxes, "ants move" smart, no matter in the United States, Australia, or China, can not escape the serious punishment!
2. Anti-money laundering in Australia: up to 10,000 per day
The anti-money-laundering policy is not only going on in the United States, but also in Australia.
As we all know, many people in Australia trade directly through cash in order to evade taxes and taxes, for example in some Chinese restaurants, which accept only cash and do not accept swiping cards.
Wait until cash reaches a certain amount and deposit it in batches to avoid paying taxes.
But in fact, this kind of behavior, which you think is "safe", has long been targeted by the Australian Inland Revenue Authority!
The Australian Federal Agency, the transaction report Analysis Centre (AUSTRAC), has issued a guidance document stating:
As more Chinese investment flows into Australia, Australian foreign exchange and contract for difference CFD brokers should be wary of customers and money coming from China.
A number of Chinese investors are still trying to circumvent Chinese and Australian regulation of investment, the report said. As a result, AUSTRAC expects all financial service providers to have good anti-money-laundering AML and counter-terrorism financing CTF processes. Financial service providers need to monitor transactions and submit timely suspicious problem reports, international capital transfer statements and cross-border transaction reports.
In other words, whether it is Chinese doing business in Australia or overseas Chinese investors, your every move is already under the supervision of the Australian Inland Revenue Department!
The most immediate example is the reduction of the ATM deposit limit!
(Commonwealth Bank of Australia,CBA, Australia`s federal bank, cut the ATM deposit limit again in March, from A $20, 000 a day to A $10, 000 a day.
This adjustment is also for the implementation of Australia`s Anti-money laundering Act.
So friends in Australia must pay attention to the fact that "ants move" money is really just "smart," in today`s 2019 budget, Australia`s government also solemnly affirmed the importance of tax evasion.
(photo source: 9 News)
In other words: in the past you "ants move" not caught may be a fluke, but in the future the regulation of this kind of behavior is becoming more and more stringent, you may face more than a fine, heavy will face more than 18 months in prison!
Money laundering is the most easily touched minefield for overseas Chinese.
Chinese Australians live in luxury homes and drive luxury cars, but yesterday they were suddenly copied by the police!
In recent years, Australia`s criminal crackdown on money-laundering gane has been increasing, and cooperation with transnational police has also become more and more close.
AFP National Crime Management Organization (Acting National Manager Organised Crime) Commander Bruce Hill stressed the importance of international cooperation in combating money-laundering and its harmful impact on Australian communities.
"when people try to escape foreign government and police agencies, we at AFP are committed to working with our international counterparts to stop laundering proceeds from crime in Australia," Bruce said.
Some people may think that money laundering is a criminal act of an individual, and this is a big mistake, which is actually potentially harmful to society as a whole.
Money laundering, like this, transfers significant criminal proceeds to Australian assets, which could erode the level playing field for Australian home buyers and small business owners.
This chain reaction can also affect the entire community, so it is far from a victim-free crime!
Bruce made it clear, "the message we send to people in Australia who are considering laundering proceeds of crime is that no illegal funds or assets laws can escape the eyes of AFP and international partners, and we will catch you!"
(photo source: apf.gov.au)
Finally, therefore, whatever country you live in, it is important to remember:
Justice has long arms!
Never pick up sesame seeds, lose watermelons, in order to avoid paying taxes, ruined their good future!
