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.
I don’t need to read the article. I have been tested on the act. Please just look it up before believing what you read on the internet.
If I were racist, or profiling, I would have to say Lynch really looks like she would be comfortable in a burka!
Then why I gotta have an I D when I’m DEPOSITING CASH into my account. WHAT?????
All I know is what the BB&T bank teller told me when I went inside the bank to withdraw the money, she was nice enough to advise me to withdraw a dollar less so she would not be required to notify anyone. maybe things have changed since 9/11, this was about a year ago.
Yep, gotta keep the Comrades in Washington informed of everything. Remember, Commie Obeyme dictated from the very first day of his regime – if you see something, report it to your Party Bosses. This is just part of that. How STUPID are they? Do they actually believe terrorists will draw cash from their own private accounts to finance their hit jobs? The ONLY people being watched and spied upon here are law abiding citizens and nobody else!
And now begins the chaos and mistrust and depression or recession. Wonder what genius thought this up!
Obummer nuts caused and liberals…welcome to the last of your great freedoms! The real Nazis.
This is b******t it’s my mioney andI can spend it on what I want
Barter and trade when you can and as often as you can f*** the monetary system f*** the banks and big brother can kiss my ass
I was recently informed that they were changing it to $5,000 by my bank. Was $10,000 couple months ago. With the lame$#%&!@*excuse that it was to monitor large withdrawals could be for terroristic actions???? Wth??