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It does not work like that. Money laundering is outlawed by the US Code Title 18, and as such it is the law of the land. If someone contests it, for example bas
by credit_guy 5y ago
It does not work like that. Money laundering is outlawed by the US Code Title 18, and as such it is the law of the land. If someone contests it, for example based on the 4th Amendment, and the issue gets to the Supreme Court, and the Supreme Court overturns that provision, then, yes money laundering becomes a non-crime. Until then, it is a crime. Of course, you are free to petition your representative, or to just contact the EFF foundation, or pick any of a large number of ways to push your opinion. But other people have their own opinions too. And the outcome of the collective opinion as of now is that money laundering is a crime.
- credit_guy 5y agoReplying to myself here. Maybe I jumped the gun. The OP claimed that money laundering is not a crime, and that is patently false. However, maybe he simply meant that the application of the KYC/AML regulations may result in violations of the 4th amendment. In other words people getting their assets seized by the government, without the government demonstrating probable cause. Upon further reflection, I have to admit that such an outcome cannot be ruled out. The government itself would not seize the assets of the suspect, but the banks subject to the KYC/AML regulations may freeze their accounts when they see red flags. The end result, as seen from the suspect's point of view is the same. To be honest, I don't feel very comfortable about this. It does feel a bit like the government is indirectly seizing assets without a warrant. I will leave my comment without any conclusion, because I don't have any to share.