4 ms·
Cash has to be physically sent somewhere else. There are already restrictions on large amounts of cash (> $10000) where large transactions must be reported to t
by specialp 4y ago
Cash has to be physically sent somewhere else. There are already restrictions on large amounts of cash (> $10000) where large transactions must be reported to the government, and it must be declared entering or exiting the country. This is why smuggling cash out of the USA from drug proceeds is a very challenging issue for cartels.
But crypto cannot be physically inspected at international borders. So for the government, just like wire transfers, they want to know the source and recipient of such funds. If there were a service where you could bring a large amount of cash, obfuscate the origin, then wire it to a bunch of bank accounts under criminal control, that would be the definition of money laundering and also cracked down on.
In this case if Coinbase took some BTC that went through Tornado it would be equivalent to taking a wire transfer from a bank known to be laundering money.
- notch656a 4y agoThe US has effectively no customs on leaving the country. I doubt those wanting to leave with cash have it that bad.
- leeter 4y agoIf you're taking 10k or more in cash out of the country and fail to file a fincen-105 you can have all of the cash sized with no recourse. CBP regularly uses cash sniffing dogs for this purpose. https://www.fincen.gov/sites/default/files/shared/fin105_cmir.pdf https://www.fincen.gov/sites/default/files/shared/fin105_cmi...
- notch656a 4y agoCBP has an alert on my passport and I'm flagged as being a bad-boy with insane amount of grilling (and illegal jailing, strip-search, ~16 hour detainment, the works) every time I enter the country. Even I have never been searched leaving the country. I'm sure it happens but I think it is quite rare. I repeat myself, there is effectively no customs leaving the country even if you are flagged as most-high-risk as I am. >CBP regularly uses cash sniffing dogs for this purpose. The dogs are just probable cause generating machines. Had one of these dogs "sniff my asshole" and the agents got a warrant for me to forcibly be taken to the hospital to be "internally examined." (and I was sent the bill by the hospital, both ERs they took me to ~60 miles apart even though I never consented to any of it) The dog never alerted. It's just cover so they can get a warrant whenever they want. Yeah I'm aware it's illegal to not report on the way out, I'm only saying it seems unlikely criminals doing that are going to get caught.