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.
Ok so you decide to withdraw money from your account for whatever reason and just what am I supposed to do with this info as a cop? At the very most I may check on you to see if everything is ok…meaning questions like has something happened to a family member, or something along that direction. I have worked calls where a married couple decides to end the marriage and one of them drains the account … How is that a crime? (my state is community property). Your money is your money and I will not seize your money unless i can prove it’s related to a crime (like murder for hire or sell narcotics). I got into policing to help people and I don’t believe this helps them just based on what I read
If I wo. the powerball id go withdrawal that$#%&!@*all 205 million of it in singles all at one time. Sure as hell wouldnt leave it in the bank
Nothing new here. It’s already been going on for decades. At least since the 90s when I was in banking. It’s called a “currency transaction report” CTR.
That’s when trouble would start cause the only info they’re getting out of me is ” none of your buisness” and “go f&$k yourself”
Did everyone miss the part about the police SEIZING the money? Civil forfeiture = legal theft. Here’s how it works:
You withdraw cash for whatever reason. The bank is forced to report it as “suspicious”….’cause the government said it is. The police then show up & seize the cash under civil forfeiture – no charfges, no due proces, and you don’t get it back. Legal robbery by the government.
http://dailysignal.com/2015/10/16/why-police-can-legally-seize-your-cash/
Please note, it is only a request – there is no requirement. Yes, there is the Fed requirement to report deposits of $10,000 & over. As in anything, good intentions can lead to problems.
We ARE the gov’t, although the conservative Republican one-percenter oligarchs keep trying to take it over & apply every voter suppression tactic possible to prevent our redressing these grievances.
So, in the upcoming elections at every level VOTE BLUE – NO MATTER WHO to truly take our country back!
Police can refuse to respond. Frankly they should. Its cops showing up at ypur door asking these types of question that causes divide between law abiding folks and those trying to keep the peace.
Goes along with several of my recent posts on negative interest in Europe and total monetary control by banks in Zimbabwe . Look out folks Cyprus was only a test run.
I know that they used to notify Austin (here in Texas) if you deposited more than $3000.
Well, what can a man say to that but$#%&!@*our gov’t. The bastards have no concerns over the underhanded c**p they do with my tax money, so what I do with my money is none of their damn business either.