Leslie R. Caldwell, former Assistant Attorney General for the Criminal Division of the DOJ, told a group of bankers while in office that they need to expand upon the ‘suspicious activity reports’ they are required to file on their customers by calling law enforcement directly on anyone withdrawing a large amount of cash, according to investor and financial blogger Simon Black.
Banks are already required to file ‘suspicious activity reports’ on their customers, with threats of fines and even jail time for directors if financial institutions don’t meet quotas.
But as investor and financial blogger Simon Black points out, last week, “A senior official from the Justice Department spoke to a group of bankers about the need for them to rat out their customers to the police.”
Assistant attorney general Leslie Caldwell gave a speech in which he urged banks to “alert law enforcement authorities about the problem” so that police can “seize the funds” or at least “initiate an investigation”.
As Black highlights, according to the handbook for the Federal Financial Institution Examination Council, such suspicious activity includes, “Transactions conducted or attempted by, at, or through the bank (or an affiliate) and aggregating $5,000 or more…”
Black provides a chilling scenario under which an attempt to withdraw your own money from your bank account could end with a home visit from the cops.
“As you pull into your driveway later there’s an unexpected surprise waiting for you: two police officers would like to have a word with you about your intended withdrawal earlier,” writes Black, who accuses banks of already operating as “unpaid government spies”.
“Do you need to withdraw cash to purchase a used car from a private seller? Or perhaps you are pulling out some emergency cash for a loved one,” writes Mac Slavo.
“Either one of these activities are now considered suspicious and if your cash withdrawal amounts to even a few thousand dollars your bank teller is under a legal requirement to alert officials about your suspected criminal activity. And before you argue that you can’t possibly be a suspect because you have done nothing wrong, consider that even being suspected of being a suspect is now enough to land you on a terrorist watchlist in America.”
The war on cash is intensifying as authorities attempt to crack down on one of the few remaining modes of anonymity.
Over in France, Finance Minister Michel Sapin hailed the introduction of measures set to come into force in September which will restrict French citizens from making cash payments over 1,000 euros.
The new regulations, introduced in the name of fighting terrorism, will also see cash deposits of over 10,000 euros during a single month reported to anti-fraud authorities.
Meanwhile, in the UK, HSBC is now interrogating its account holders on how they earn and spend their money as well as restricting large cash withdrawals for customers from £5000 upwards.
Back in America, purchasing Amtrak train tickets with cash is being treated as a suspicious activity as part of a number of behaviors that are “indicative of criminal activity”.
Banks are also making it harder for customers to withdraw and deposit cash, with Chase imposing new capital controls that mandate identification for cash deposits and ban cash being deposited into another person’s account.
The $ 10,000 reporting thing had been around a long time. I can remember an attorney telling me to get two separate checks for under that amount, when I sold some property. That was in the 80s.
Thought the banks had to do this already
This article is from Paul Joseph Watson – MARCH 24, 2015 – it’s been two years and nothing has happened. Can you imagine if Warren Buffett was questioned about a withdrawal? If my bank called the police on me for withdrawing MY money, I would close my accounts immediately. My money is nobody’s business but my own. If my bank cannot keep my account information confidential, then I don’t need that bank. I have purchased car’s for cash over $5,000 and paid a credit card balance over $5,000. If my transactions are not confidential, and police ever question me about a transaction, I’m pulling my money out. Period.
The law is now $10,000.00. It is to monitor possible money laundering. A good bank teller should also be cognizant of any elderly person withdrawing large sums of money because of possible scams. Large withdrawals of cash could put anyone in harm’s way. Use certified funds for safety n
So funny, few months back clinton transfered a BILLION dollars to Qatar.
Yes they filled out the form.
Not LEGALLY. The banks are required to fill out a form for any “cash” withdrawal of $10,000 or more.
Dolores Makarsky, That is only$5,000. But several withdrawals amounting to&
$10,000 or more is still considered “suspicious activity” and requires a form to be completed. Anyone who carries that much cash is foolish.
You still violated the law.
This is total BS. There are many instances when you have to pay something in cash and it can be large sums of money – having nothing whatever to do with drugs or any other illegal situation.