How rich can a WL be?

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Originally Posted by priapus1966

An individual can carry any amount of cash into Japan, but if it is more than USD 6,700, about 10,000 AUD, it has to be declared to customs/Tax authorities. There are alternative legitimate methods of transferring cash, either directly or through a third party
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And how does a WL happen to put upward of $50k of undeclared and non tax paid cash into bank accounts to transfer it overseas? That is the crux of the problem?

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Originally Posted by priapus1966

An individual can carry any amount of cash into Japan, but if it is more than USD 6,700, about 10,000 AUD, it has to be declared to customs/Tax authorities. There are alternative legitimate methods of transferring cash, either directly or through a third party
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Legitimate means .. implies visibility.. there are less legitimate and straightforward means to transfer large even 6 zero sums in/out of country.. zero visibility - works like FLOO POWDER

What you do in country less straightforward if the amounts are regular and large to very large.

AND risky AF to take undeclared 10k AUD or more out of or into a country .. YES unlimited declared amounts can be carried - however defeats the cash incentive

Get caught and can be MAX penalty of 2 yrs and $182,000

So yes risky AF to regularly take 20k in your carry on

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Originally Posted by KakeyA

And how does a WL happen to put upward of $50k of undeclared and non tax paid cash into bank accounts to transfer it overseas? That is the crux of the problem?

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Where there’s a will there’s a way. Crypto is one way they can do it but they’d have to buy it off-exchange using cash which is going to be high risk.

Another way is using illegal money transfer “agencies”. The agency would have cash on both sides of the transfer. The person transferring the cash would deposit their $50k cash here with the agency. At the same time the person’s friend or family can withdraw $50k less the agency fee in Japan.

EDIT:
Forgot to mention the oldest trick in the book. They just hit the pokies. Load up a machine with cash, slap a few times, then cash out. Now you have a legit cheque or transfer from a gaming operator for your “winnings”.

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Originally Posted by GoldfishMan

Another way is using illegal money transfer “agencies”. The agency would have cash on both sides of the transfer. The person transferring the cash would deposit their $50k cash here with the agency. At the same time the person’s friend or family can withdraw $50k less the agency fee in Japan.”.

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Chinese call it fei chien “flying money"

Vietnamese call itchuyển tiền tay ba

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Originally Posted by cumquat

Chinese call it fei chien “flying money"

Vietnamese call itchuyển tiền tay ba

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In the big Sandboxes, it's known as Hawala, age old.

https://en.wikipedia.org/wiki/Hawala

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Originally Posted by 11Bravo

In the big Sandboxes, it's known as Hawala, age old.

https://en.wikipedia.org/wiki/Hawala

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Informal value transfer system IVTS

Not all that operate within the HAWALA classification unnecessarily illegal all or even some of the time - local licensing determines

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Originally Posted by 11Bravo

In the big Sandboxes, it's known as Hawala, age old.

https://en.wikipedia.org/wiki/Hawala

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Yes this is it. I didn't know it had a name, I just had an acquaintance who made a fortune running this scheme to help rich mainland Chinese move their money out of China. Made millions out of it.