Is it legal to own currency of banned countries?

[zacb]

Like Myanmar, North Korea, etc. ? Or is it just buying goods from them?

[Tsar]

Like Myanmar, North Korea, etc. ? Or is it just buying goods from them?

Buying rubies and jade from Myanmar. Buying anything from Cuba. Trading with Iran (which includes buying).

Assuming I ever go to Myanmar I will be buying Mogok rubies anyway. Great resale profit potential with huge profit margins. Some can be purchased and sold for four times the amount in America.

[zacb]

But let's say trade embargoes on everything. Does that mean paper currency? Or just goods?

[Jester]

But let's say trade embargoes on everything. Does that mean paper currency? Or just goods?

I don't believe that HAVING the currency is not illegal in the U.S. (There COULD be some old Cold War restriction that is no longer enforced.)

Bringing cash IN from Cuba or Iran or North Korea MIGHT be an issue, and it might be confiscated at the border if you reported it (over $10,000 worth total money) or if they found it.

But MANY countries make it illegal to take their currency OUT of their country over a certain amount. So those countries might confiscate it on the way OUT. For example, Mexico's limit is around $3000 USD in pesos leaving the country I think. Of course you could wire transfer or bank-to-bank transfer ANY amount in or out of Mexico. It's the cash that they watch.

The MAIN thing to avoid is wire transfers, Western Union, etc. with "rogue" nations. That's where the FBI goes ballistic.

BTW, Zac, if you're asking this as a currency collector no problem. If you're hatching some scheme for money-laundering or illegal three-way trade, stand down, don't do it, and please don't ask about it on HA.

[zacb]

No. Actually, I bought this one currency on ebay as a speculative play on a certain country. I am not laundering any money, and I definitely would not be posting it on here. I am just owning it of speculative purposes only.

[momopi]

http://www.treasury.gov/resource-center ... burma.aspx