[wileymorgan] Do you know where you dinar is? How many now have sent dinar into some persons claiming they will give you such and such promised rate.
Better yet they are claiming to be a UST approved group with a Paymaster and will provide an SKR (Safe Keeping Receipts) or some variations of that. For too long have promises been made by many with nothing tangible having transpired from them.
The truth of the matter is all these so called people collecting others currencies are providing you is a receipt of what you sent them; nothing more.
Perhaps a bit of truth on a couple things when it comes to SKR’s and Paymasters –
Safe Keeping Receipt's, or SKR's, are bank instruments that are on the rise as collateral for alternative financing. A SKR is a financial instrument that is issued by a safe keeping facility, bank or storage house.
In storage, assets or other valuables are in a safe, secured and protected area. The issuer of the SKR takes the responsibility of being the legally responsible custodian. Check with your institution or safe keeping storage facility as some require fees for these services.
Examples of asset SKR's that can be monetized:
Fur SKR • Collectible Art SKR • Gold SKR • Above Ground Assets SKR • Commercial Property SKR • Antiques SKR • Valuable Documents SKR • Precious Metals or Gems SKR
(that last sentence is one to remember)
Most issued SKR are capable of SWIFT transfers however, some may require an additional MT760 simultaneous to the transfer of funds in the transaction.
Monetizing and SKR is the process of converting the financial instrument into a legal tender transaction. Depending upon the monetizing bank, certain additional conditions may apply.
For instance, is the asset free and clear, meaning; is the title free and clear listed on the SKR? Aside from the validity of the SKR, free title is the single most important aspect of monetizing.
The next important aspect is the capability of a SWIFT MT 760. Once monetized usually for a term of 1 year and 1 day unless otherwise agreed upon, the safe keeping receipt is then completed to the originating issuer.
[wileymorgan] With these very crucial points in place, monetizing your safe keeping receipt can be a safe transaction because in most circumstances, you don't move your asset or give up control. Any fees associated with monetizing your SKR should be paid out of proceeds and not upfront.
For many reasons, you should never make arrangement to SWIFT or transfer your SKR to any one or company without first having a contract in place or knowing the company you are dealing with.
Monetizing your SKR can be a solution to alternative conventional financing. *Resourced proceeding info from - http://www.programasdeal ··· skr.html
Now with all that said let me just state and you should check this out for yourself – you cannot get an SKR for dinar within the United States from a bank or financial institution.
I have called on this matter multiple times, asked so many bankers/financial people/UST until I am blue in the face. By all means do your own due diligence on the matter; you just might learn some things not yet understood from this whole currency play experience.
All this so called certification and blah blah to be a Paymaster. Again, took the time and did some due diligence on this matter with my own attorney after a lengthy discussion on the matter. What follows is our exact conversation with various agencies.
Re: US Dept Treasury – paymaster designation US Dept Treasury – Fincen (Financial Crimes Enforcement Network) – designated agent certification US Dept treasury – OFAC (Office of Foreign Assets Control) –licensing for special contracts
[wileymorgan] Question: is there a certification program by the U.S. Treasury Department (USDOT) to certify paymasters or special paymasters?
Answer: No. After speaking with the Office of the Chief Counsel for the Department of the Treasury, I have ascertained that the USDOT does not certify paymasters who accept and receive funds on behalf of US based individuals to facilitate transactions regarding goods, chattel, securities or other items exchanged for cash.
A paymaster can be, but does not have to be, an attorney. However, every “paymaster” should use an escrow account.
Only certain professional occupations can establish escrow accounts – attorneys, CPAs, trust companies, and banks primarily. A trust account is regulated by state law or by state bar associations.
An attorney acting as a paymaster is a fiduciary of his client and handles receipts and disbursements to and from the trust account on behalf of his client. He has a fiduciary duty to accurately reconcile all funds passing through the account.
Every person acting as a paymaster has this duty regardless if they use a regulated trust account or just a general account.
NOTE: only a legitimate trust account offers the protections of state or bar association regulation.
A general operating account used by some paymasters does not offer any protection.
[wileymorgan] Question: is there a certification program offered by the Financial Crimes Enforcement Network (FinCEN) for agents or paymasters to receive and account funds from overseas purchasers or investors?
Answer: No. After speaking with the Office of General Council for FinCEN I have ascertained that FinCEN does not register or certify any financial agents.
It is strictly a financial crimes investigative unit of the US Department of the Treasury. It has no regulatory powers whatsoever. Anyone claiming certification from this agency is doing so for marketing reasons only.
Question: is there a licensing or certification program offered by the Office of Foreign Assets Control?
Answer: Yes, but. After speaking with the Office of General Council for OPAC I have ascertained that the licensing offered by this agency is limited to deals involving interdicted countries such as Somalia, Cuba or Iran.
It will also license individuals who are dealing with interdicted individuals who appear on specific lists.
These licenses are deal specific. In other words, any intermediary who is involved with buying or selling goods, services or investments to listed countries or individuals must apply for a specific license for that singular transaction.
The application is carefully vetted by the OPAC reviewers. A separate license is required for every transaction. There is no blanket license for an industry, a type of transaction, or a foreign currency exchange.
[wileymorgan] Question: Can the Office of (Attorneys name removed) act as a paymaster to facilitate the sale and purchase of Iraqi Dinar?
Answer: Yes. As a licensed attorney in the State of (removed) I maintain two trust accounts that are overseen and regulated by the State Bar of (removed).
Attorney must follow strict accounting requirements that must be maintained to account for client funds passing through the trust accounts. I have functioned as a paymaster for other clients without actually defining the function.
[wileymorgan] Question: Does the Office (Attorneys name removed) need to be licensed by OPAC or FinCEN?
Answer: In my conversation with the three Offices of General Counsel mentioned above, I have ascertained that my office and trust accounts are Treasury compliant and OPAC compliant.
Further, since I have facilitated the purchase and sale of equipment to foreign nationals in Africa, Europe and the Middle East previously, those actions were FinCEN compliant.
After speaking with the General Counsel for FinCEN I have determined the process necessary to be FinCEN compliant. Most of the necessary procedures are already in place in my office.
If the question arises you may inform anyone that my office is Treasury, OPAC and FinCEN compliant and that I have the ability to field any question directly to the respective Offices of General Council for those agencies.
Perhaps this might help those to formulate some questions in the due diligence aspects before sending any currencies to any one on the internet or elsewhere saying they have a deal for you and you must send you currency off to them
If it sounds too good to be true then more than likely it is. What makes one think they can do for you what you cannot do for yourself when the time comes. Trust in yourselves and never worry who you might offend in asking the hard questions of those making the promises.
[wileymorgan] End of Questions - sure I could have asked many more, just sharing the facts as they were given.
[kenbo] wileymorgan Thank you for all that work. Putting that stuff together for us wasn't quick nor easy. I hope that it helps folks to make the right decisions
[wileymorgan] far too many have sent currencies off for the promise of a quicker return, yet still they wait on said return and wait even longer for said return of their currencies they sent off
My apologies for inundating the room - I get asked these things so many times in a week
[wingnaprayer] wileymorgan We appreciate when you come in and clarify items that can be quite confusing. Thank you for your time to do so. :)
[wileymorgan] everyone deserves the truth and truth starts with facts - not intel, conjecture or speculation
[wingnaprayer] wileymorgan Yes and sometimes no matter how hard we dig to get information and learn the truth it can be difficult to discern whether the article or information we have found is trustworthy....
[wingnaprayer] or I should say factual and newsworthy
[wileymorgan] wingnaprayer gurus have put themselves out there as information providers - hold them to account for the positions they have - never be fearful to question ones information. Right, wrong or indifferent one can listen and discern what proves itself relevant. For too long has nonsense been passed only to muddy the water of what is relevant
[soulwarrior] so glad to see you wileymorgan! (waiting & watching here)...hate to see that you are still having to do clean-up work, as it makes no sense to me that people would even THINK about sending their currencies to anyone rather than just wait and watch for their e-mail from WF but also cannot thank you enough for always being a voice of reason to us all ...hope everyone's Resurrection weekend was wonderfully blessed!
[wileymorgan] soulwarrior yes, seems so simple, perhaps if we complicated it a bit that would help