Leslie R. Caldwell, former Assistant Attorney General for the Criminal Division of the DOJ, told a group of bankers while in office that they need to expand upon the ‘suspicious activity reports’ they are required to file on their customers by calling law enforcement directly on anyone withdrawing a large amount of cash, according to investor and financial blogger Simon Black.
Banks are already required to file ‘suspicious activity reports’ on their customers, with threats of fines and even jail time for directors if financial institutions don’t meet quotas.
But as investor and financial blogger Simon Black points out, last week, “A senior official from the Justice Department spoke to a group of bankers about the need for them to rat out their customers to the police.”
Assistant attorney general Leslie Caldwell gave a speech in which he urged banks to “alert law enforcement authorities about the problem” so that police can “seize the funds” or at least “initiate an investigation”.
As Black highlights, according to the handbook for the Federal Financial Institution Examination Council, such suspicious activity includes, “Transactions conducted or attempted by, at, or through the bank (or an affiliate) and aggregating $5,000 or more…”
Black provides a chilling scenario under which an attempt to withdraw your own money from your bank account could end with a home visit from the cops.
“As you pull into your driveway later there’s an unexpected surprise waiting for you: two police officers would like to have a word with you about your intended withdrawal earlier,” writes Black, who accuses banks of already operating as “unpaid government spies”.
“Do you need to withdraw cash to purchase a used car from a private seller? Or perhaps you are pulling out some emergency cash for a loved one,” writes Mac Slavo.
“Either one of these activities are now considered suspicious and if your cash withdrawal amounts to even a few thousand dollars your bank teller is under a legal requirement to alert officials about your suspected criminal activity. And before you argue that you can’t possibly be a suspect because you have done nothing wrong, consider that even being suspected of being a suspect is now enough to land you on a terrorist watchlist in America.”
The war on cash is intensifying as authorities attempt to crack down on one of the few remaining modes of anonymity.
Over in France, Finance Minister Michel Sapin hailed the introduction of measures set to come into force in September which will restrict French citizens from making cash payments over 1,000 euros.
The new regulations, introduced in the name of fighting terrorism, will also see cash deposits of over 10,000 euros during a single month reported to anti-fraud authorities.
Meanwhile, in the UK, HSBC is now interrogating its account holders on how they earn and spend their money as well as restricting large cash withdrawals for customers from £5000 upwards.
Back in America, purchasing Amtrak train tickets with cash is being treated as a suspicious activity as part of a number of behaviors that are “indicative of criminal activity”.
Banks are also making it harder for customers to withdraw and deposit cash, with Chase imposing new capital controls that mandate identification for cash deposits and ban cash being deposited into another person’s account.
Banks report deposits of $5,000 or more.
Actually it is anything over 10k in one day it is called Bank Secrecy Act of 1970. The purpose is recorded and police do not show up because it happens once. This isn’t some secret the information is available to the public.
I think I am going to test this tomorrow morning at my local branch.
This is already true. Last time I withdrew 5k in cash, I had to sign a federal form disclosing what it was for. I put “Personal expenses”… But this withdrawal limit has existed for a long time, purportedly to fight money laundering.
That’s not even enough to buy a used car??????????????
Louise I do everything I can and take every opportunity to prepare my family then others for the times ahead that you state. Eyes on the lord and waiting for guidance from the Holy Spirit. Will not take the chip (doubt it will happen in my life) but will head to the mountains. I can only prepare the younger ones to keep focused on the lord. I do know what’s going on and it good to see your eyes open. God bless Louise! Watch Israel.
They already do this for $10,000.00 or over
Jewel Brown ive seen several stories of innocent people losing their money because they pulled it out of their account. make no doubt about, this government is your enemy.
Brad Hines how did they lose it
Don’t get me started on what I think about the Fed – they’re crooks (I’m being nice).