This is more or less how much of the world works already - if you’re in the USA and you’ve heard of FinCEN, that’s what that’s for. Money moves quickly, often

This is more or less how much of the world works already - if you’re in the USA and you’ve heard of FinCEN, that’s what that’s for. Money moves quickly, often between non-co-operative jurisdictions, often irretrievably. Money laundering activities exploit the points in the payments system where enforcement and traceability are slower and more difficult. Filing suspicious activity reports is all well and good, but enforcement is always a tradeoff between the expense of the prosecution and the prospect of obtaining a conviction. Meanwhile more than a trillion dollars leaks into the global money laundry annually under the status quo[0]. That’s _with_ the threat of prosecution - and thousands of people working in AML/CTF prevention worldwide. MC and Visa (JCB, UnionPay...) have to walk an awkward line between consumers’ and businesses’ demands for instantaneous global payments and countervailing demands that consumers be protected from deception, bad business practices and other forms of abuse. The policy is almost always to opt for the ounce of prevention, because most individuals can’t afford a pound of lawsuit. [0] https://www.un.org/en/desa/tax-abuse-money-laundering-and-corruption-plague-global-finance https://www.un.org/en/desa/tax-abuse-money-laundering-and-co...