3 ms·

These points seem like non sequiturs. There would really need to be a deep dive into why cocaine is cheaper (if it is? I have no earthly idea if it is or how on

These points seem like non sequiturs. There would really need to be a deep dive into why cocaine is cheaper (if it is? I have no earthly idea if it is or how one would be able to check). Assuming it is cheaper, it is because KYC laws are failing, or better production efficiency, or less competition among cartels? The second point is hard to even reason about because I don’t think the purpose of banking laws is to put banks out of business. So I’d be curious what this has to do with anything if you don’t mind stating.

yetanotherloss 3y ago
Not intending to come off as insulting here but it sounds like you don't know much about criminal enterprises OR money laundering. KYC rules and many of the other AML efforts that make international students with 500 quid to their names jump through hoops to prove they're not funding ISIS are largely meaningless when the state protected banking system has been repeatedly caught directly facilitating setting up arrangements for south American drug cartels, Russian oligarchs, sex trafficking rings, the Trump organization, and every kind of tax evader in the US and Europe. If you're seriously curious you can look into how many Deutsche bank executives went to jail and why the entire organization wasn't rolled up and replaced after the whole Panama Papers debacle. Spoiler alert: prepare for disappointment. AML efforts finally busting the improbably succesful sushi restaurant in Laredo TX are a tiny drop in the ocean by comparison, even if we accept that such small wins are worth it. Edit: I should note that better than nothing efforts to unmask real estate transactions are probably a net win. This isn't s surprise -- if you want to find money laundering, look at tiny section of the human species that has all the money.

3 ms·

These points seem like non sequiturs. There would really need to be a deep dive into why cocaine is cheaper (if it is? I have no earthly idea if it is or how on

by constantly 3y ago

yetanotherloss 3y ago
Not intending to come off as insulting here but it sounds like you don't know much about criminal enterprises OR money laundering. KYC rules and many of the other AML efforts that make international students with 500 quid to their names jump through hoops to prove they're not funding ISIS are largely meaningless when the state protected banking system has been repeatedly caught directly facilitating setting up arrangements for south American drug cartels, Russian oligarchs, sex trafficking rings, the Trump organization, and every kind of tax evader in the US and Europe. If you're seriously curious you can look into how many Deutsche bank executives went to jail and why the entire organization wasn't rolled up and replaced after the whole Panama Papers debacle. Spoiler alert: prepare for disappointment. AML efforts finally busting the improbably succesful sushi restaurant in Laredo TX are a tiny drop in the ocean by comparison, even if we accept that such small wins are worth it. Edit: I should note that better than nothing efforts to unmask real estate transactions are probably a net win. This isn't s surprise -- if you want to find money laundering, look at tiny section of the human species that has all the money.