SanchoPanza
SanchoPanza
Joined: May 10, 2010
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March 23rd, 2015 at 6:23:04 PM permalink
"Banks have minimum quotas of SARs they need to fill out and submit to the federal government. If they don’t file enough SARs, they can be fined. They can lose their banking charter. And yes, bank executives and directors can even be imprisoned for noncompliance. This is the nature of the financial system in the Land of the Free.
And chances are, your banker has filled one out on you—they submitted 1.6 MILLION SARs in 2013 alone. But now the Justice Department is saying that SARs aren’t enough. Now, whenever banks suspect something ‘suspicious’ is going on, they want them to pick up the phone and call the cops:
“[W]e encourage those institutions to consider whether to take more action: specifically, to alert law enforcement authorities about the problem, who may be able to seize the funds, initiate an investigation, or take other proactive steps.”
So what exactly constitutes ‘suspicious activity’? Basically anything. According to the handbook for the Federal Financial Institution Examination Council, banks are required to file a SAR with respect to: “Transactions conducted or attempted by, at, or through the bank (or an affiliate) and aggregating $5,000 or more…” sovereigngovernment.com
rdw4potus
rdw4potus
Joined: Mar 11, 2010
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March 23rd, 2015 at 6:30:00 PM permalink
Your link is broken for me. I think this one will work: http://www.sovereignman.com/trends/justice-department-rolls-out-an-early-form-of-capital-controls-in-america-16640/

Interesting read, but I'm not sure about the headline. Nothing in the article was new, so what exactly is being rolled out?
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
SanchoPanza
SanchoPanza
Joined: May 10, 2010
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March 23rd, 2015 at 6:35:31 PM permalink
Quote: rdw4potus

Your link is broken for me. I think this one will work: http://www.sovereignman.com/trends/justice-department-rolls-out-an-early-form-of-capital-controls-in-america-16640/ Interesting read, but I'm not sure about the headline. Nothing in the article was new, so what exactly is being rolled out?

Thanx for the help on the link.
First interesting point is the quota for institutions to file SAR's. What do those banks etc. do in scrupulously honest markets where there isn't much structuring or laundering?

Second is the new pressure to call the local police. Talk about profiling!
Frogger
Frogger
Joined: Jun 26, 2013
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March 23rd, 2015 at 6:48:05 PM permalink
Quote: SanchoPanza


“[W]e encourage those institutions to consider whether to take more action: specifically, to alert law enforcement authorities about the problem, who may be able to seize the funds, initiate an investigation, or take other proactive steps.”




WTF. The government wants the bank to alert law enforcement and let them know who is able to seize the funds that the customer just withdrew from HIS account from the bank. WTF!
Doc
Doc
Joined: Feb 27, 2010
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March 23rd, 2015 at 6:48:43 PM permalink
Sounds to me more like a fantasy from a paranoia-based web site. Just who is "soverignman.com"? For one thing, they are a site that posts from Sovereign Valley Farm, Chile some "news" like:
Quote:

Earlier this 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.


No particular senior official and no particular group of bankers. It's the kind of web post that makes me highly suspicious that they aren't quite telling an accurate story.
Mosca
Mosca
Joined: Dec 14, 2009
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March 23rd, 2015 at 6:48:47 PM permalink
Yeah, you're on a "sovereign citizen" website. I'd move along.
NO KILL I
aceofspades
aceofspades
Joined: Apr 4, 2012
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March 23rd, 2015 at 6:55:46 PM permalink
Just because you're paranoid doesn't mean you're not being followed.
"Just because you're winning don't mean you're the lucky one" -- Breakdown Guns 'n Roses
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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March 23rd, 2015 at 7:17:31 PM permalink
Quote: aceofspades

Just because you're paranoid doesn't mean you're not being followed.

https://www.youtube.com/watch?v=HdyOVDgKsgA
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
EvenBob
EvenBob
Joined: Jul 18, 2010
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March 23rd, 2015 at 7:33:43 PM permalink
Call local police? Why? They won't do anything
unless a crime has been committed. They
don't handle 'suspicious' bank withdrawals.

Cop: "Sir, you withdrew $6000 from your account. Why?"

You: "Is it crime to withdraw my money from my bank?"

Cop: "Why did you withdraw it"?

You: How about it's none of your business.

The whole thing is stupid.
"It's not enough to succeed, your friends must fail." Gore Vidal
aceofspades
aceofspades
Joined: Apr 4, 2012
  • Threads: 330
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March 23rd, 2015 at 8:32:26 PM permalink
Quote: EvenBob

Call local police? Why? They won't do anything
unless a crime has been committed. They
don't handle 'suspicious' bank withdrawals.

Cop: "Sir, you withdrew $6000 from your account. Why?"

You: "Is it crime to withdraw my money from my bank?"

Cop: "Why did you withdraw it"?

You: How about it's none of your business.

The whole thing is stupid.




Having cash is now viewed as evidence of wrongdoing in and of itself — any drug dog worth it's weight in Scooby-snacks can alert to the cocaine on American cash.
"Just because you're winning don't mean you're the lucky one" -- Breakdown Guns 'n Roses

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