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.
B******t !!!
Amazingly, the dollar threshold set in 1970 has never been adjusted for depreciation. One can only wonder why not. Instead of raising it, regulators have lowered it to $5,000 through the handbook for the Federal Financial Institution Examination Council, which is the guide used by banks to determine what qualifies as suspicious.
Although the BSA law has always required banks to submit Suspicious Activity Reports (SAR) for customers making cash transactions of any amount if they appear suspicious, the handbook lowers the threshold to $5,000 and effectively makes all individuals suspicious. A few of the statements from the handbook are shown in quotes below along with my translations of what it really means. Any cash transactions over $5,000 are now considered suspicious if:
Well if they are on my property asking questions about my finances I’d politely tell them to leave is none of your business now what balls in your court. If you don’t leave now you are trespassing and if I feel threatened it’s within my rights to$#%&!@*you off my property
I copied this from an article on banking laws.
this is so they can force you to get CHIPPED, they want to know were you are 24 / 7 and who and what your doing so they can tell you if your right or wrong. its all about the liberals dream of utopia …. even if that is hell for you and me.
This is just more fucking b******t by a communist regime .
Time to start using mattresses again ,they give no interest any how
Arrest Obama for treason!!!!!!!!!!!!
I have pull out more than 5,000 never heard any thing about it
Closer and closer to communism. How long until they decide what’s yours is theirs. They already gouge us for taxes. This is ridiculious. They better not try that.