Who walks around with $1 million cash?!?

[Mosiah]

WESTMORELAND, Jamaica – The police in Westmoreland arrested and charged three people for breaches of the Proceeds of Crime Act during an operation in Mandeville on Tuesday. The suspects were reportedly taken into custody for cash transaction in excess of J$1 million.

Charged are 24-year-old Kemroy Griffiths, 24-year-old Roshane Wallace and 42-yearold Joan Lemon, all of Manchester addresses.

Reports are that Griffiths was picked up after a receipt was found at the home of an alleged lottery scammer, showing the cash purchase of a Toyota Axio motorcar from him in the sum of J$1.6 million.

http://www.jamaicaobserver.com/lates...s-of-Crime-Act

[Bricktop]

what is the big deal about buying a J$1 mil car cash?

[Muadib]

Try it and si nuh.. I have a friend dat used to work at a call center selling a car.. him live ah Mobay..

Interested ?

[Peter R]

...source of funds?...if the scammer try deposit that in the bank, what him gwoin tell dem? funds received from ripping off stupid gullible people? He could say consultation and advisory fees?!

The authorities essentially expecting registered business owners to monitor source of funds.

[Bricktop]

i work and pay taxes...i have a trn & my employment info is on record with the tax authority...what is the issue?

[Bricktop]

so how did i get my $1.6 mil car that was not financed?

[Peter R]

I see your point on the consumer side. Presumably you have a personal and/or company bank account. Your paycheque or company earnings would go into their respective accounts with requisite source of funds form completed if in excess of a certain amount.

Would you then pay $1M + cash to purchase a vehicle? or write either a personal or company cheque? You'd probably pay by cheque.

The problem is scammers not paying taxes, and being involved in illegal money earning activities.

The issue is, how fair is it to the businessman who selling in this case cars. The authorities effectively want him to be an agent of the state in collecting taxes (as all VAT registered businesses are) and in the fight against crime. It hard to refuse a $1M sale if you have to "question" the customer regarding where he got the money.

[Peter R]

What does "The Proceeds of Crime Act" say vis a vis a legitimate business making large cash transactions? Gamma? anyone?

[Time]

what is the big deal about buying a J$1 mil car cash?

The cops want to ensure the income to purchase the car did not come from the lotto scan or the ganja trade and the tax man wants to ensure that he get his share of the transaction.

The bigger question is why write up a $million plus receipt if the transaction is illegal?

[Peter R]

Well, I thought about that. You'd think they would write two or three receipts. That however, would only help to avoid suspicion or to attempt to circumvent whatever the Act says regarding large CASH transactions. The fact is that a number of receipts would still only relate to one transaction (the sale of the car).

What I don't understand is: What is the businessman expected or required to do when someone enters their business to carry out a transaction with more than $1M? Send the customer packing? Have him complete some declaration? Tell him to come back with a (bank) manager's cheque? What? Can he legitimately accept two payments of $.5M say a month apart for the same sale? Seems to me the businessmen were a bit naive.

[Mosiah]

New Year, Bricky! Time for you to stop supporting criminality and slackness!

[Gamma]

The law

[Gamma]

Personal cheque? Bankers Cheque? Credit Card? It was a gift? Trade in? I give up, how?

[Gamma]

There are minor exemptions but that concerns cash deposits from legitimate businesses. E.g a supermarket which by the end of the day may have conducted multiple cash transactions below the threshold and therefore has more than a million in cash to deposit ... At the time the bank must conduct some amount of due diligence Based on deposit trends

[Mosiah]

Oh, Bricky is lawless. Hence his support for outlaws!

In his defence, Bricky may have a touch of the affluenza virus!