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Money laundering laws are a fiction perpetrated by authoritarian leaning leaders. It equates to "monetary transactions I don't like for idealogical reasons". In

Money laundering laws are a fiction perpetrated by authoritarian leaning leaders. It equates to "monetary transactions I don't like for idealogical reasons". In the US for example, there is no monetary transaction that occurs at all that cannot be selectively prosecuted as money laundering. Breaking a $20 dollar bill into smaller bills to use as a tip in a restaurant is a plain violation of 18 U.S.C. § 1956 .

legulere 5y ago
I do not know why you are so against persecuting money-laundering, considering it's definition according to Wikipedia: > Money laundering is the process of changing large amounts of money obtained from crimes, such as drug trafficking, into origination from a legitimate source. [...] It is a key operation of the underground economy. In US law it is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money.
- Canada 5y ago
  In practice presumes guilt without any evidence to justify suspicion, requiring everyone to report the purpose of every transaction, deputizing all financial services to enforce it, and prohibiting anyone from holding any significant asset, such as cash, in their own custody. The centralization of power is, in my opinion, far worse than the crime it is alleged to prevent.
  - otterley 5y ago
    How is it impacting you personally?
    - Canada 5y ago
      Didn't see this until now. It has impacted me personally, I've had business accounts closed twice without any reasonable explanation, which is a huge crisis when you suddenly lose your ability to receive payments from customers and pay your employees and suppliers. The AML regime is the only reasonable explanation I can think of for a bank to close out a fee paying customer in good standing. I'm certainly not alone in having this happen to me, there's a lot of other people I've talked to who have been swept up in this.
otterley 5y ago
Intent plays a significant part of the law. Nobody is going to convict you of money laundering solely for breaking a $20 bill.

legulere 5y ago

I do not know why you are so against persecuting money-laundering, considering it's definition according to Wikipedia: > Money laundering is the process of changing large amounts of money obtained from crimes, such as drug trafficking, into origination from a legitimate source. [...] It is a key operation of the underground economy. In US law it is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money.

Canada 5y ago
In practice presumes guilt without any evidence to justify suspicion, requiring everyone to report the purpose of every transaction, deputizing all financial services to enforce it, and prohibiting anyone from holding any significant asset, such as cash, in their own custody. The centralization of power is, in my opinion, far worse than the crime it is alleged to prevent.
- otterley 5y ago
  How is it impacting you personally?
  - Canada 5y ago
    Didn't see this until now. It has impacted me personally, I've had business accounts closed twice without any reasonable explanation, which is a huge crisis when you suddenly lose your ability to receive payments from customers and pay your employees and suppliers. The AML regime is the only reasonable explanation I can think of for a bank to close out a fee paying customer in good standing. I'm certainly not alone in having this happen to me, there's a lot of other people I've talked to who have been swept up in this.

otterley 5y ago

Intent plays a significant part of the law. Nobody is going to convict you of money laundering solely for breaking a $20 bill.