How easy is it to get rid of cash ?

[Dolby]

Reading this bribery article http://www.iol.co.za/news/crime-courts/i-bust-finance-chief-on-video-1.1706177#.U7EGb7F3KZQ

The Star saw a video which allegedly shows Seedat accepting two boxes, one with R1.5m inside and another with R500 000. Hathurani said in the affidavit he demanded Seedat return his R12m.

What can you do with the cash? The two largest purchases - a house and car - are almost impossible to buy with the cash? Surely if you buy a TV at R20,000+ in notes an alarm bell will ring?

Or do they do go to dodge used car dealerships and shops in town where the full channel is dodgy?
Casinos perhaps?

 

[Messugga]

Reading this bribery article http://www.iol.co.za/news/crime-courts/i-bust-finance-chief-on-video-1.1706177#.U7EGb7F3KZQ

The Star saw a video which allegedly shows Seedat accepting two boxes, one with R1.5m inside and another with R500 000. Hathurani said in the affidavit he demanded Seedat return his R12m.

What can you do with the cash? The two largest purchases - a house and car - are almost impossible to buy with the cash? Surely if you buy a TV at R20,000+ in notes an alarm bell will ring?

Or do they do go to dodge used car dealerships and shops in town where the full channel is dodgy?
Casinos perhaps?

Those small shops that have been around for years but never seem to have any business? Yeah, there we go. It's called money laundering.

 

[Alton Turner Blackwood]

A guy bought my old car off me with a backpack and 37k in cash . That was the longest night of my life and kept on checking up on the bag

 

[Dolby]

Fair enough.

We don't have systems in place to check what when the little Chinese restaurant books R2m though? Although probably done over a period.

So in that case tax is paid legally and SARS is happy?

 

[Dolby]

A guy bought my old car off me with a backpack and 37k in cash . That was the longest night of my life and kept on checking up on the bag

And you banked the cash with no issues?

 

[R13...]

And you banked the cash with no issues?

I think you only have to explain amounts >50K. But car dealerships have a habit of accepting cash with no questions asked.

 

[Alton Turner Blackwood]

And you banked the cash with no issues?

Yes, I actually asked my wife to do it the next day. The only thing which pissed me off was that I was charged (I think) R800 for the deposit, which means I got less out of the deal than what I would have liked

 

[bwana]

Yes, I actually asked my wife to do it the next day. The only thing which pissed me off was that I was charged (I think) R800 for the deposit, which means I got less out of the deal than what I would have liked

I still cannot believe the banks here get away with this.

 

[zizo911]

My father regularly carries r50k plus in the house in a mattress. Im literally dunb founded no one has realised this yet.

 

[I.am.Sam]

My father regularly carries r50k plus in the house in a mattress. Im literally dunb founded no one has realised this yet.

whats his address

 

[Alton Turner Blackwood]

My father regularly carries r50k plus in the house in a mattress. Im literally dunb founded no one has realised this yet.

I'm more interested in why he'd do that? :wtf:

 

[Rocket Raccoon]

My father regularly carries r50k plus in the house in a mattress. Im literally dunb founded no one has realised this yet.

Is your dad a rapper?

 

[Freaksta]

Fair enough.

We don't have systems in place to check what when the little Chinese restaurant books R2m though? Although probably done over a period.

So in that case tax is paid legally and SARS is happy?

Just gets filtered into the system again. Majority gets folded into businesses, service business is the easiest, the rests get spent, fuel, electricity, groceries, pay domestic, pocket money.

 

[HavocXphere]

Well large scale...money laundering as Mess said. This involves a significant hit though. i.e. you pay 100 bucks and get 60 bucks clean cash back (something like that).

We don't have systems in place to check what when the little Chinese restaurant books R2m though? Although probably done over a period.

You'd be surprised how much raw cash some places move per day...

So in that case tax is paid legally and SARS is happy?

Usually SARS is the one that pick up on it for individuals. For companies the auditors are usually a better bet.

 

[Hamster]

Personally I'd go to a casino, buy in for R20k and play till I either win so I have more than 20k or less than 17k. And then I'd cash out and go to the bank.

EDIT: wait, we are talking about dirty money right?

 

[HavocXphere]

Personally I'd go to a casino, buy in for R20k and play till I either win so I have more than 20k or less than 17k. And then I'd cash out and go to the bank.

EDIT: wait, we are talking about dirty money right?

Not exactly money laundering scale. Oh and casinos are specifically checked for money laundering (as its the obvious choice) so no good.

 

[themank]

I think you only have to explain amounts >50K. But car dealerships have a habit of accepting cash with no questions asked.

We accept it, yes. But we report any amount of R20 000 and over paid in cash in line with new legislation. I think it is covered by FICA.

 

[Hamster]

Not exactly money laundering scale. Oh and casinos are specifically checked for money laundering (as its the obvious choice) so no good.

And that is why I would never make it as a criminal. Proof that I am a good person.

 

[maumau]

Foreign currency on the black market?

 

[ponder]

Give it to your wife and see how quickly she gets rid of it!