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.
Rules from the fools who steal public funds . . .
Just try this once with me and they will see all my money come out of their bank that day and never come back. Its my money to do with what I want thats legal.
And the same dollar in circulation gets taxed over and over.
That could be a car repair in today’s dollars. Too much prying into innocent people’s lives, trying to make them criminals. Get a warrant.
I guess there’s a reason I don’t have any money in the bank? I suppose if I ever do get a large amount of cash I’ll need to convert it into another semi precious commodity?Brass and lead maybe?
Yep, or have two accounts and withdraw 2500 from each. Or five accounts and 1000 from each. Maybe those DOJ folks need to take some basic math classes. Seriously though; anyone with “nefarious” intent probably already takes these things into consideration. On the other hand, if I withdraw that much to say… Pay school tuition without a “processing fee”; then they just waste their time looking into it.
Yep…
Its not because it is suspicious activity. It is control. They have the money and you are not allowed to spend it as you wish. This is banks and credit card companies trying to force them to be used
Leaving no option if you want to buy something.
This is a complete horse$#%&!@*story designed to provoke knee jerk reactions out of people. It is not a crime to withdraw your own money. Banks are required, however, to report you to the IRS if you deposit more than 10000 cash but it’s still not a crime. They may just ask you where it came from and try to make you pay taxes on it.
The time is near. The southern states will be the first to get it started. If you notice these protestors and liberals tend to stay away from down here. They are gonna feel empowered and start there mess down here and it will start!