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.
Taking the law out of context!
Banks electronically transfer millions in funds everyday for major companies. Wonder if this is reported, or is the little man the only one under scrutiny?
Currently the laws are absurd. There is a law that any cash transactions over $10K are to be reported. Then they add a clause that is nothing more than a catch 22 called Structuring. So, instead of depositing or withdrawing $10K at the bank, or paying $10K cash for a car you withdraw $8K (or pay $8K cash) and take a cashier’s check (or wright a check for) $2K………… now, you are following the letter of the law, but since they created the Structuring loop hole you’re hosed no matter what you do.
Just ask Dennis Hastert who was convicted for Structuring over a long period of time to pay a someone who had been blackmailing. Not to excuse what he was being blackmailed for, but in this instance the person doing the blackmailing escaped all legal scrutiny…….. I guess they were smart and never deposited the cash.
Now, they have lowered the bar to snare anyone.
Remember, 1984 was supposed to be a warning not a How To.
This is b******t, i went to Houston, Texas to buy a used RV. The dealer first wanted a cashiers check so i went to Wells Fargo and got them a check for 32 grand. I went back to the dealship and handed them the check and asked for the title of the vehicle because i wasnt about to hand over 32 grand and drive back to Nebraska with no title in my hand and 32 grand of my money gone. They then insisted if i didnt want to wait for them to mail the title to me then they wanted cash. I considered just letting the deal go and heading home as i was headed back to the bank to get cash but then they called and sweetend the deal by throwing in new house batteries so i went to the bank and explained they wont take the check they want cash. The teller spent probably 20 minutes chatting with her superiors and eventually i walked out of the bank with 32 grand in a big brown envelope. No cops were called, no homeland security, or any other alphabet agency.
I am with Donna Clark on this, Plus if I tried to withdraw $5,000 the bank would laugh at me and ask where I was going to get the $4,900 from first
Just imagine how much that’s gonna cost everyone’s pocket book…
This is moot. The healthcare act already allows the govt. to remove finances from ANYONE’S accounts they want to. There’s a lot in that thing that know one has read including our legislators.
In other words its not really your money !!!!
More attempts at controlling the People. When the “cops” show up at your door, you tell them you don’t answer questions and tell them to leave.
Watch what happens if the cops show up on my door step over this. And see how quickly I would be closing that account and bringing a lawsuit against that bank