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> yet all alternate systems seems to be worse in terms of illegal abuse worse than that system, sure. Worse compared to a fascist state that has near total con

> yet all alternate systems seems to be worse in terms of illegal abuse worse than that system, sure. Worse compared to a fascist state that has near total control over everyone? I don't think it's clear that tax evasion and black market deals are worse than that, the scale is just different. China is much deeper in technology than the Soviet Union ever was. Imagine what Stalin had done with China's abilities in 2023, I think accepting Oligarchs, tax evasion and Drug Cartels is a fine trade off to avoid that.

comfypotato 4y ago
It’s not either or in an all or nothing sense, and it’s not either or necessarily either. There’s a very appropriate comment on another sub-thread pointing out that privacy and corruption aren’t necessarily linked. We need to balance as we progress towards a more private and less corrupt world.
JumpCrisscross 4y ago
> don't think it's clear that tax evasion and black market deals are worse than that The paper's original context is the War in Ukraine. That doesn't mean we shred up our Bill of Rights. But the counterfactual is starker than tax evasion and cocaine naughties.
- from 4y ago
  The other context which the authors and all the human rights groups who complain about this stuff ignore is that strict application of the AML laws results in mass derisking and the wholesale exclusion of entire industries and even countries from the financial system because banks do not want to risk the fines. Several major Caribbean banks are constantly on the verge of losing correspondent relationships despite doing basically everything the FATF asked that they could afford. Non banks ATMs (which aren’t even considered MSBs), check cashers and a whole host of other businesses are de facto excluded from major US banks right now. I think the desire to “do something” about Russia has made any sort of cost benefit analysis go right out the window.

comfypotato 4y ago

It’s not either or in an all or nothing sense, and it’s not either or necessarily either. There’s a very appropriate comment on another sub-thread pointing out that privacy and corruption aren’t necessarily linked. We need to balance as we progress towards a more private and less corrupt world.

JumpCrisscross 4y ago

> don't think it's clear that tax evasion and black market deals are worse than that The paper's original context is the War in Ukraine. That doesn't mean we shred up our Bill of Rights. But the counterfactual is starker than tax evasion and cocaine naughties.

from 4y ago
The other context which the authors and all the human rights groups who complain about this stuff ignore is that strict application of the AML laws results in mass derisking and the wholesale exclusion of entire industries and even countries from the financial system because banks do not want to risk the fines. Several major Caribbean banks are constantly on the verge of losing correspondent relationships despite doing basically everything the FATF asked that they could afford. Non banks ATMs (which aren’t even considered MSBs), check cashers and a whole host of other businesses are de facto excluded from major US banks right now. I think the desire to “do something” about Russia has made any sort of cost benefit analysis go right out the window.