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.
Well, considering the low to nonexistent interest rates that banks pay account holders, the fees that banks charge to account holders, and the limit that some banks put on how much you can spend on single purchases or even having daily spending limits while using a debit card, my suggestion would be to only deposit what is necessary for electronic transfers and put your “emergency” cash in a safe, at home. And, if you don’t feel comfortable with that, rent a safety deposit box and store your cash in the bank, but not in a bank account. Just be sure to know inside banking hours.
well it dont take no f-ing idiot to figure out criminals and drug dealers use cash not a f-ing checking account. they just dont want us cashing out and leaving the country.
QUIT DOING BUSINESS WITH BANKS.
Just think. This is the change people wanted from their gov in 2008. Well now they can’t even get their change without Big Brother watching their every move.
“They” (government, IRS, and police) have the authority to do what is called an “asset seizure” and make you prove to them that the money is legally yours, and none of the amount was made by illegal activity. Your only course of action is in the courts, and some have battled IRS, and police departments for the return of their legal money for years, and are still fighting.
More proof our financial infrastructure is collapsing and the value of the dollar is about to be worthless. Also why you get a pre paid card put the cash on it, have the address as a p.o. box, keep a bio metric fire proof safe at your house and only use the card for bills. Because as soon as the system starts to crumble and they don’t let people withdraw cash you will have it and its value will only be good until they bring out a new currency. Your best bet is gold and silver (not bond certificates either) because when money is of no good you will have security that others won’t. Oh yeah better have some fire power also! I suggest shotguns because you don’t have to register them and you can get as much ammo as possible without being looked at like a future criminal/terrorist. Plus lets be honest that pumping sounds scares EVERYONE and you dont have to be a great shot with them either.
That would be what isn’t referred to a a tyrannical government, and ai know a little about “asset” seizure since I was with the State’s Attorney’s office for 20 years.
Don’t blame the bank. They are victims of too much government, just like us.
Brett is a GOP Sheep
Dooney Knighten , get a fucking clue about the world!! Open your eyes!
And one thing I am nit is a sgeep, n if ya think so why don’t ya come over try n sheer me?