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EDIT: I'm wrong please disregard. You can have it. You just need to do everything in cash and not use the banking system. Of course, there's a lot of advant
by jdmichal 6y ago
EDIT: I'm wrong please disregard.
You can have it. You just need to do everything in cash and not use the banking system. Of course, there's a lot of advantages to the banking system... But you can still use things like safety deposit boxes for storage, gold to help protect against inflation, etc.
- newacct583 6y agoAML reporting requirements cover cash transfers too, though. Yes, there are more holes in the protocols because of the messiness of the medium (broadly it's the same thing crypto regulation would face), but in general MANY people who would have to touch that cash you're hoarding are required to report large transfers. Money laundering is a crime, all by itself. It doesn't matter where the money comes from or what form it takes. The spirit behind AML legislation, long established, is that the government has the right to see where money is held and to whom it is transferred. Minutiae about mechanism might appeal to software nerds, but it doesn't address the underlying issue. This fight was fought, and lost, more than half a century ago.
- PeterisP 6y agoYou can't do everything in cash anonymously, at least not legally, because large cash transactions are subject to similar laws and require the business receiving the cash to identify you and report the transaction - e.g. Form 8300 in USA.
- jdmichal 6y agoHuh. I'm quite familiar with the banking side of AML having worked at one. But I was completely unaware of this.