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.
It is our money why is it anyones business why we take it out of thebank or what we do with it. Maybe we stuff it in our mattress it is none of thier business a little lumpy sleeping but still my business.
Time to pull most of YOUR $$$$$! I was told that the bank would take my money in an account since it was inactive for years. It happened to my friend when she hadn’t touched money saved in account for her kids. They stole thousands from her inactive account! Lucky mine wasnt much but to think they do that all the time makes me sick! Now they rat on the customers for no reason! Disgusting! All part of$#%&!@*slogan “see something, say something.”
What, all of a sudden you cop sniffers don’t trust the cops and their pervert bosses, the politicians? That is new to me! Just call the cops every day and tell them everything you are about to do, and report back to them several times a day too. Let them search your house. If you have nothing to hide from the government you have nothing to fear, SUCKERS!
what is the government now fearing about people wanting to draw out $5,000 of their own money? Something is gonna happen soon I think and when it does, the government will lock up all the banks and our money.
The IRS will be withdrawing more than that from my checking account very soon… can I count on the DOJ to come through on this?
I’m planning to change banks, and will take the savings out in cash, to deposit in my new bank…lets see what happens, i have over 5k, this could get interesting.
HIEL HITLER
just don’t put all your money in the bank
Red flag on privacy ..!!
Nope