Dennis Hastert: When It’s a Crime to Withdraw Your Own Money From Your Bank

New York Times ^ | 06/07/2015 | Josh Barro

[Ken H]

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.

Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

http://en.wikipedia.org/wiki/Bank_Secrecy_Act

[Ken H]

Meant to ping you to post #61.

[SeekAndFind]

The problem I have is this -— file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

WHY? this will flag down as suspicious a lot of small businesses who make less than or a little more than $10,000 regularly and have to deposit the money they make.

This will also flag down travelers who need to withdraw cash for legitimate business overseas.

In creating a law like this, the end result is MORE GOVERNMENT in the lives of people, even as it is arguable if money launderers can’t use other means to escape detection.

[Ken H]

Agree. Keep in mind also that $10,000 in 1970 is about $1,600 today.

[lavaroise]

My point is the perv corrupt GOP should not run as Republican but as Democrats if they want to get away with it. Being a Rino does not pay and they should be out of the party.