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.
Problem is that when the police are called, they will intercept you and legally take your money. Cop gets half and department gets the other half. It’s In the Patriot Act.
So the DOJ wants banks to call them racist killers to investigate people for putting money in the bank. Lol. Then DOJ investigates the cops for profiling. Lol
Most people wish that was really true!!!
That’s only if there is illegal activity, sure they may seize it initially. But, it has to be returned since I’m not doing anything illegal.
Here we go people
Is my money and I wanted now!!lol
All banks by law are required to report to the IRS anyone depositing over $10,000 in one deposit for any transaction. They have been doing this for years.
DOJ, Loretta HOLDER, do your job and indicte killary!
Loretta HOLDER, is a perfect example of why
The Senate must never confirm another obama nominee. NEVER!
Go read on Greek Bank
It was last summer they shut their bank down ppl could only get $60. A day
http://www.keeptalkinggreece.com/2015/07/20/greek-banks-re-open-weekly-withdrawal-of-e420-to-be-implement-as-of-next-week/
Complete B******t !
Cops do this in my town already. Arrested a guy for taking out 25000 to pay for a new truck.guy was told if he paid cash his price would be lower he withdrew the money as the bank called the cops. Took his money said it was conspiracy to buying drugs