The Failure of Anti-Money Laundering Laws

This Center for Freedom and Prosperity video examines anti-money laundering laws and finds that they are expensive and intrusive. These costs might be acceptable if the result was less crime, but this mini-documentary reveals that anti-money laundering policies are ineffective. As a former Reagan Administration official remarked, they undermine the fight against crime by misallocating law enforcement resources. www.freedomandprosperity.org

Category:

Nonprofits & Activism

Tags:

• anti
• money
• laundering
• crime
• spy
• customers
• fincen
• limited
• big
• bloated
• spending
• obama
• stimulus
• government
• flat
• tax
• fair
• cfp
• center
• freedom
• prosperity
• quinlan
• mitchell
• cf&p

[survivalrod]

Maybe those laws were never intended to catch criminals? Maybe they were created as one step towards creating a cashless society, controlled by banks and government?

[paulydinkins]

I agree

[Chapulinazuladomx]

@TheJasonDR anti money laundering laws are antisemitic.

[TheJasonDR]

@mabdiuhrman nope its been since the 1960s 

[TheJasonDR]

@Chapulinazuladomx what do you mean ???

[Chapulinazuladomx]

anti money laundering laws are antisemitic

[seismedia]

While I might agree with the arguments (pro-liberty, ridiculous cost of tracking and reporting), eliminating the laws and penalties and outright skipping over suspicious transactions is not the answer. Monitoring the "noise" of financial transactions should simply be made more efficient, something we CAN DO with our modern IT infrastructure. Keep the data anonymous without special reporting until something looks suspicious. THEN run the reports, investigate, worst case, PICK UP THE PHONE!

[joekiddone]

Is it ill-gotten booty or ill-booten gotty???

[joekiddone]

"Take your stinking paws off our money, you dirty rotten Statists!"

[DrakeDorosh]

It does seem a little weird that transactions over a certain point need additional paper work. This video doesn't explain why. Using the argument that it harms the little guy and costs the banks money doesn't point to any solution. My question would be If the requirement to report specific transactions can be made why not just let laundering investigators have at the full record? Was the information ever private?