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That link seems to describe the various ways money laundering is done; I don't see it answering the question why it is "a very real problem" though.
by xixi77 13y ago
That link seems to describe the various ways money laundering is done; I don't see it answering the question why it is "a very real problem" though.
- tinco 13y agoThe real problem that it has solved is that criminals have no easy straightforward ways of laundering money, since all but the strictly monitored and regulated money pathways have been outlawed. Imagine if these laws weren't there, how money laundering would go. A criminal would make some money, and just go to his local unregulated/unmonitored cash exchange to wire the money to a swiss bank account. Since there's no monitoring or regulation, no IRS or FBI would ever know it.
- marshray 13y agoYeah that's how it worked throughout most of history. Maybe it's a coincidence, but the US economy seemed a hell of a lot stronger back when money was easier to move.
- eli_gottlieb 13y agoIf the law was passed in 1994, then the first tech boom/bubble happened under this law. I call coincidence.
- jnbiche 13y agoWell, why not impose the same regulations on mobile networks, then? And ISPs? Cell phones and internet may be even more integral to criminal networks than money is. Regulation of those industries could yield even more leads on criminality. If you're OK with giving up your liberty to exchange money in order to catch criminals, why not bring make every industry an equal maze of strict, complex laws? Of course, your economy would pay a high price, since the existing companies in those industries would grow even more massive, and start-ups would be virtually barred from entry. Would it be worth it?
- runeks 13y agoBanning all knives would probably also reduce the rate of homicides committed with a knife. But the question is to what extent it is fair to restrict the freedom of innocent people in order to prevent bad buys from committing crimes.