3 ms·

Also AML is very ineffective despite massive surveillance. It harms consumers more than terrorists https://www.tandfonline.com/doi/full/10.1080/25741292.2020.1

Also AML is very ineffective despite massive surveillance. It harms consumers more than terrorists https://www.tandfonline.com/doi/full/10.1080/25741292.2020.1725366 https://www.tandfonline.com/doi/full/10.1080/25741292.2020.1... This is because a lot of compliance is not optimised for maximum benefit (capture terrorists) but is just a tick boxing exercise. There is also abuse. India is also using AML laws (forced by American led FATF) to crack down political opponents and human rights activists, as per Amnesty https://www.amnesty.org/en/latest/news/2023/11/india-stop-abusing-counterterrorism-regulations/ https://www.amnesty.org/en/latest/news/2023/11/india-stop-ab...

matheusmoreira 3y ago
> There is also abuse. India is also using AML laws (forced by American led FATF) to crack down political opponents and human rights activists, as per Amnesty Similar situation here in Brazil. Former president got fined, people started donating money to him to nullify the fine and government started "auditing" those donors. They literally weaponized this AML/KYC bullshit into political persecution.
- jgilias 3y ago
  Of course. That’s an expected outcome if everyone just works within the system according to their incentives. When it comes to the US, the country literally would not exist if the British had anything close to the modern governments’ abilities to control the money flows. As in, the revolutionary period Patriot movement would’ve just been AML-ed to death.