3 ms·
I kinda agree but money laundering is a big problem too.
by dazc 8y ago
I kinda agree but money laundering is a big problem too.
- saagarjha 8y agoSomewhat off topic, but I’ve always thought of money laundering as kind of a “lame” crime: it’s what the government charges you with when you seem suspicious but it can’t figure out what you did.
- pavlov 8y agoIt can be easier to catch the big fish for their lame but documented crimes, rather than prove the big conspiracy they're running. Al Capone was convicted for tax evasion after all.
- auntienomen 8y agoUhh no, the US money laundering statute requires a) that the money involved be the proceeds of specific criminal activities, and b) that the financial transactions be _knowingly_ used to disguise the origins and ownership of money. It's used to punish people who are working to disguise serious crimes, principally the mob.
- jstanley 8y agoIn the UK, which is where Revolut is, in order to be convicted of money laundering you merely need to be charged with money laundering, and then fail to convince a court that you are innocent of money laundering. It's one of the few crimes where you're guilty until proven innocent.
- walrus01 8y agoIf anybody was serious about tackling the money laundering problem, the corporate death penalty should have been applied to HSBC ten years ago. And its assets broken up and parceled out to more ethical banks.
- deanalevitt 8y agoThe onus is on legislators to craft anti-laundering regulations that work while minimizing false positives. I wonder if those 5 pages of forms actually negatively impacted any criminal activity.