Austrac investigates the Perth Mint

The good old "Problem, reaction, solution" article.

Problem: Perth mint isn't complying with new anti-money laundering laws.

Reaction: Oh no, that's unacceptable.

Solution: More government oversight. More red-tape. More bureaucracy.
It is vague the problem appears to be that admin or compliance processes have the "potential" to be used for criminal/illegal activities, but there is no specific case criminal. Since they don't know it seems like confected concern, as I understand it they don't accept cash due to Covid, so they already know where all the money comes from and can find criminal activity.
Starbucks Singapore hit by data breach involving customers? names, emails and mobile numbers https://www.channelnewsasia.com/singapore/starbucks-singapore-data-breach-rewards-membership-customers-2943341

we never know, but it is possible
"The federal financial crimes regulator has ordered a sweeping audit of the processes and records at Gold Corporation, the owner of the Perth Mint."

I'd imagine this is an investigation which has more intent than just assessing Perth Mints compliance. There's an opportunity to take record of all accounts registered with Perth Mint and pursue targets of interest. Not only that, once data is obtained for analysis, they will have a list of everyone who's purchased from PM.

This comes at a time when the current monetary experiment is coming to an end. It's also quite convenient that gold confiscation laws still exist in Australia. Although they're unlikely to be enacted and/or enforced, there's still a minute threat to those who have gold holdings with the Perth Mint, and possibly those who have a record of gold purchases from PM.

I smell something fishy going on here...
spannermonkey said:
And my response would be .
I sold everything the week after I bought it .
Then spent the $ on drugs & hookers  :eek:
Even though you sold at a loss to someone you met in a pub, I'm sure they will want details.  It could have been a "criminal transaction"!
Clearly there is no evidence it is criminal but that will be the reason to confiscate the proceeds.
It's a genuine worry.
Here's Why Securing Your Gold & Silver is Critical | Perth Mint Update

Livestream from M?xico! Today we are going to look at all the fraud that is happening in the #preciousmetals markets, starting with the Perth Mint which is under investigation regarding money laundering, this case and more will be exposed in this show.