6 ms·

I don't see how it is. This isn't about differentiating between rich and poor, nor about monitoring people becoming rich. It's about making sure that the kind o

by mcv 4y ago

I don't see how it is. This isn't about differentiating between rich and poor, nor about monitoring people becoming rich. It's about making sure that the kind of transaction that no normal person would ever do in cash, cannot be done in cash. It targets rich crooks not by identifying them, but by targeting the kind of transaction that only they would ever do.

from 4y ago
Are you aware that millions of currency transaction reports and form 8300s are filed in the US every year and that a vanishingly small fraction of those lead to any law enforcement followup? The vast majority of economic activity including cash based economic activity is legitimate. If you want to balance the interests of law enforcement or whatever then just make it required that the transactions are reported but just banning large cash transactions will not stop money laundering and at best will just be another charge to stack on someone convicted of other crimes.
- mcv 4y ago
  I don't see how any of that is relevant. They're not targeting the majority of economic activity, nor even the majority of cash transactions. They're only targeting cash transactions so unusually large that it's hard to imagine a legitimate purpose for them. Small cash transactions are unaffected.
  - from 4y ago
    > They're only targeting cash transactions so unusually large that it's hard to imagine a legitimate purpose for them. I am saying that millions of cash transactions of this size take place every year and that the majority of them are legitimate. Whether or not you can think of reasons why people would use cash in that amount is sort of irrelevant.
    - mcv 4y ago
      Can you give me an example of a common, legitimate $10,000+ cash transaction? Elsewhere I gave the example of my mom transporting transporting a ton of money in cash for the initial down payment of a house, but that was 40 years ago. Nobody does that anymore for good reason; there are far easier, safer and more practical ways to handle that kind of transaction.

by mcv 4y ago

from 4y ago

Are you aware that millions of currency transaction reports and form 8300s are filed in the US every year and that a vanishingly small fraction of those lead to any law enforcement followup? The vast majority of economic activity including cash based economic activity is legitimate. If you want to balance the interests of law enforcement or whatever then just make it required that the transactions are reported but just banning large cash transactions will not stop money laundering and at best will just be another charge to stack on someone convicted of other crimes.

mcv 4y ago
I don't see how any of that is relevant. They're not targeting the majority of economic activity, nor even the majority of cash transactions. They're only targeting cash transactions so unusually large that it's hard to imagine a legitimate purpose for them. Small cash transactions are unaffected.
- from 4y ago
  > They're only targeting cash transactions so unusually large that it's hard to imagine a legitimate purpose for them. I am saying that millions of cash transactions of this size take place every year and that the majority of them are legitimate. Whether or not you can think of reasons why people would use cash in that amount is sort of irrelevant.
  - mcv 4y ago
    Can you give me an example of a common, legitimate $10,000+ cash transaction? Elsewhere I gave the example of my mom transporting transporting a ton of money in cash for the initial down payment of a house, but that was 40 years ago. Nobody does that anymore for good reason; there are far easier, safer and more practical ways to handle that kind of transaction.