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Offshore banking..
With respect to offshore banking, what about the legislation governing the
export of money from the coutry? Here in Australia if we send an amount of
money overseas then we have to pay a tax/levy of an amount based on the
size of the funds being sent offshore.
If we start snailmailing certified envelopes full of money overseas then
someone will want to know about it so they can tax us.
Im fairly sure there wouldnt be a problem (from the governemnt) with
shuffling your funds from offshore bank to offshore bank. If encrypted
money was going in and out all the time from a (legal) onshore bank that
accepted digital transactions to an offshore one, then you would face the
same export laws.
How do the banks handle this when they send fifteen trillion overseas to
have their money working for them while we all sleep at night....?
Mark
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