Posted on 04/23/2002 4:55:46 AM PDT by TroutStalker
Edited on 04/22/2004 11:46:27 PM PDT by Jim Robinson. [history]
New federal money-laundering rules will cover a broader swath of the financial-services industry than previously disclosed, going beyond new requirements on banks and securities firms to cover credit-card companies, mutual funds, wire-transfer firms and commodities dealers.
The new rules that the Treasury plans to announce Tuesday will require firms to implement comprehensive money-laundering compliance programs by designating a special compliance officer, training employees to detect money laundering, commissioning independent audits, and establishing policies and procedures to identify risks and minimize opportunities for abuse. The rules go into effect Wednesday, although some industries will get a 90-day window to implement them.
(Excerpt) Read more at online.wsj.com ...
Big Brother gets bigger even more rapidly than people thought, or were led to believe.
Most people know and understand that current Law states that Banks must report any transaction greater than 10K. Okay, we are fine with that.
Now the rest of the story is what is called "structuring". The current Treasury Laws say that Banks are required to report deposits and transaction that might be made to to circumvent the 10K Law. If it is thought that you are "structuring", then you have committed a Felony and you will forfeit ALL suspect funds.
Any business where as you make cash deposits or move funds around have already put you under Federal watch. If you do something that irks the Feds (IRS) can bring you under structuring Laws.
The Treasury Code and Banking Laws makes for a good read and I suggest for people look these up and understand what is currently on the books.
Structuring does not have to be proved in Court, just that a business or individual falls under the stated Laws and could be doing so for the purpose of Laundering money.
According to this article, this has now been lowered to $5k? Will we be like Argentina in 5 years?
If you value your financial privacy, you'll do just that......but it's not as easy as it first seems.
As a small business owner it's difficult not to take checks....and there you are back in the system again.
Or if you work for someone, just try and get them to pay you in cash.
Not one in a thousand employers will pay in cash anymore.
Reminder: Just because your paranoid doesn't mean that they aren't out to get you.
Sounds a lot like the so called "political" officer that Soviet institutions had to deal with. Here we go.
EBUCK
You are missing as to what "structuring" is. It is currently a felony to give the appearance that one is trying to get around the 10K Law.
To lower the amount to 5K will many more people at risk of having their funds forfeited and having a felony conviction.
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