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<p>[QUOTE=&quot;Owle, post: 1396990, member: 22004&quot;]Actually ICTA is the collectibles organization that is supposed to lobby for and protect the rights of coin dealers and collectors.&nbsp; They charge around $300 a year for membership and then offer some freebies like grading coupons.&nbsp; Some of the grading services do a surcharge on grading fees that goes to the ICTA.&nbsp; &nbsp; To my thinking they are a little heavy-handed in how they &quot;warn&quot; people, and of course, they have the remedy if you have a problem like this.</p><p><br /></p><p>Some clarifications: the &quot;8300&quot; form needs to be filled out on cash transactions over $10K and certain other transactions as the moderator indicated.&nbsp;&nbsp; Compliance has a lot of purposes and with the new regs due to the Patriot Act, you would think the government would have tried to make an example of a few dealers.&nbsp; I have not heard of anyone in particular so prosecuted.</p><p><br /></p><p>Technically money laundering is taking illegal funds and then converting them in ways to avoid detection.&nbsp; A drug dealer goes to a coin dealer and says he/she wants to buy a large quantity of bullion at whatever price the dealer wants to sell.&nbsp; Let&#039;s say he buys U.S. eagles and Maple leafs at $125 over spot, what dealer wouldn&#039;t want to make that kind of sale for cash?&nbsp; Then sometime down the road the drug dealer wants to get out of the gold or other precious metal, and exits without drawing attention to the authorities.&nbsp; </p><p><br /></p><p>I once had a customer for stump wood removal who paid me in cash without haggling, I later saw he was arrested in a MOB extortion ring, he was caught trying to sell a kilo of cocaine to an undercover FED agent at a college:&nbsp; <a href="http://news.google.com/newspapers?nid=1916&amp;dat=20040930&amp;id=Nw4hAAAAIBAJ&amp;sjid=6XQFAAAAIBAJ&amp;pg=3475,4141279" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://news.google.com/newspapers?nid=1916&amp;dat=20040930&amp;id=Nw4hAAAAIBAJ&amp;sjid=6XQFAAAAIBAJ&amp;pg=3475,4141279" rel="nofollow">http://news.google.com/newspapers?nid=1916&amp;dat=20040930&amp;id=Nw4hAAAAIBAJ&amp;sjid=6XQFAAAAIBAJ&amp;pg=3475,4141279</a></p><p><br /></p><p>With all the thefts, the authorities also want paper trails so they can do something about the stolen precious metals that the thieves are trying to fence.&nbsp; Probably not likely they will find the real crooks.[/QUOTE]</p><p><br /></p>

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