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.
and this is why i dont go through the bank period
Everyone here posting “if I had that much to take out”, you need to reevaluate your life choices. Look at who you vote for, promising the most free$#%&!@* That isn’t free, you don’t get more. Be smart, save up,$#%&!@*happens, and you need savings. If you don’t know who Dave Ramsey is, learn. And do it quick.
If they start calling the police people will start putting their money elsewhere and the banks will loose customers.
This is the same as free healthcare, free education we have been programmed to believe we are entitled to free stuff. Well who is paying doctors or teachers, the money has to come from somewhere. Raise minimum wage! Then cost of goods and Sevices go up and reduced hours to save on taxes. The problem is our money is devalued by inflation and printing funny money. We have to stop this delusion!
Socialist control BS!!
We need a alternative to banks in the US. Simple as that.
This doj is out of control just like our president
Morons. There are tons of people who need to make large cash withdrawals. It is silly to even look at transactions of less than $1 million.
Do you still think the fed is a good idea folks.
And that is why I don’t use banks$#%&!@*them and the$#%&!@*holes that want to monitor my money
We did just this earlier this month, a preowned low milage car bought for my wife. We paid “cash.”