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Justice Dept. tells banks to report customers to law enforcement


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http://www.zerohedge.com/news/2015-03-20/justice-department-rolls-out-early-form-capital-controls-america

 

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Justice Department Rolls Out An Early Form Of Capital Controls In America
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Submitted by Tyler Durden on 03/21/2015 17:51 -0400





 
 
 

Something stunning took place earlier this week, and it quietly snuck by, unnoticed by anyone as the "all important" FOMC meeting was looming. That something could have been taken straight out of the playbook of either Cyprus, or Greece, or the USSR "evil empire", or all three.

This is how the WSJ explained it:

 
 

The U.S. Justice Department’s criminal head said banks may need to go beyond filing suspicious activity reports when they encounter a risky customer.

 

“The vast majority of financial institutions file suspicious activity reports when they suspect that an account is connected to nefarious activity,” said assistant attorney general Leslie Caldwell in a Monday speech, according to prepared remarks. “But, in appropriate cases, we encourage those institutions to consider whether to take more action: specifically, to alert law enforcement authorities about the problem.”

 

caldwell.jpg

 

The remarks indicate that banks may be expected to do more than just file SARs, a responsibility that itself can be expensive and time-consuming.

 

Some banks already have close relationships with law enforcement, said Kevin Rosenberg, chair of Goldberg Lowenstein & Weatherwax LLP’s government investigation and white collar litigation group. Ms. Caldwell’s remarks “speak to moving forward in a more collaborative way,” said Mr. Rosenberg.

 

A tip-off from a bank about a suspicious customer could lead law enforcement to seize funds or start an investigation, Ms. Caldwell said.

What does this mean, and why is it so critical? Simon Black of International Man explains:

* * *

Justice Department rolls out an early form of capital controls in America

Imagine going to the bank to withdraw some cash.

Having some cash on hand is always a prudent strategy, and especially today when more and more bank deposits are creeping into negative territory, meaning that you have to pay the banks for the privilege that they gamble with your money.

You tell the teller that you’d like to withdraw $5,000 from your account. She hesitates nervously and wants to know why.

You try to politely let her know that that’s none of the bank’s business as it’s your money.

The teller disappears for a few minutes, leaving you waiting.

When she returns she tells you that you can collect your money in a few days as they don’t have it on hand at the moment.

Slightly irritated because of the inconvenience, you head home.

But 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…

If this sounds far-fetched, think again. Because it could very well become a reality in the Land of the Free if the Justice Department gets its way.

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.

What a lot of people don’t realize is that banks are already unpaid government spies.

Federal regulations in the Land of the Free REQUIRE banks to file ‘suspicious activity reports’ or SARs on their customers. And it’s not optional.

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…”

It’s utterly obscene. According to the Justice Department, going to the bank and withdrawing $5,000 should potentially prompt a banker to rat you out to the police.

This may be a very early form of capital controls in the Land of the Free. This is the subject of today’s Podcast. You can listen in here.

 

 

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I withdrew 5k+ last week and stood in line for at least 30 minutes while she made 3 different phone calls to someone she said had to authorize her to release that much cash in one transaction blah blah blah...and end the end I left with my cash and no cops were waiting at my doorstep when I came home. I Guess she didnt see me as suspicious...or Im just darn good looking. No,seriously I can see this going either way. Im just thankful I didnt have to deal with any cops asking me about my HONEST HARD EARNED GREENBACKS. I dont see that going over very well on my property without a warrant or my lawyer.

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***///

 

'OlSarge told us all about this well before his passing.

 

He said to take money out in smaller (and odd - not rounded) increments and do it more often until

you're able to get all but a minimal amount of monthly working capital out of their hands.

 

 

Whenever he had to take out a larger amount, he'd dummy up a 'Contract',

flash it to his banker and say he needed it for a roof repair, fix a well pump, 

fix the central heat n' air... you get the idea....

 

He wouldn't use a teller for a larger transaction...

he'd meet with a banker - in an office - and tell the guy he needed cash and didn't want anyone in the

main lobby to see him getting that kind of money and then get mugged in their parking lot.

 

It made sense, as 'OlSarge was an elderly Gentleman.  Guess the bank dude figured it was always legit and

never ratted him out...

 

Now, mind you, for legal purposes here -- we do not advocate - 

we're just telling you what a guy who is no longer with us did to avoid being harassed by the new Gestapo .

 

But his advice to never keep your money in a bank was sound as far as we're concerned.

 

He hated banks and the idea that your money is NOT safe in one,

as they or hobummer and/or his pals at TheFed could come take it any time they wanted to...

 

Use your own judgment on how to handle your own treasure.... but why you'd put it in some other guys' (banks')

hands is a mystery....

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***///

'OlSarge told us all about this well before his passing.

He said to take money out in smaller (and odd - not rounded) increments and do it more often until

you're able to get all but a minimal amount of monthly working capital out of their hands.

Whenever he had to take out a larger amount, he'd dummy up a 'Contract',

flash it to his banker and say he needed it for a roof repair, fix a well pump,

fix the central heat n' air... you get the idea....

He wouldn't use a teller for a larger transaction...

he'd meet with a banker - in an office - and tell the guy he needed cash and didn't want anyone in the

main lobby to see him getting that kind of money and then get mugged in their parking lot.

It made sense, as 'OlSarge was an elderly Gentleman. Guess the bank dude figured it was always legit and

never ratted him out...

Now, mind you, for legal purposes here -- we do not advocate -

we're just telling you what a guy who is no longer with us did to avoid being harassed by the new Gestapo .

But his advice to never keep your money in a bank was sound as far as we're concerned.

He hated banks and the idea that your money is NOT safe in one,

as they or hobummer and/or his pals at TheFed could come take it any time they wanted to...

Use your own judgment on how to handle your own treasure.... but why you'd put it in some other guys' (banks')

hands is a mystery....

Point very well recieved. Not a big fan of banks either, I work on the road 75% of the time,so I really dont know any other way...any ideas.thanks.

Edited by Saintsfan
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***///

 

He told us how to get along without banks...

 

We do go to the Credit Union and buy Money Orders for the monthly bills.  (water, elect, cell phones, TV, insurance)

They are free there.

 

We don't buy anything on line.  

Do no on-line banking, either.

We do not use debit cards, ever.

 

We do use credit cards - rarely , so we don't have to carry alotta cash,

but send a Money Order to pay that off before it's due.

 

We keep 1-2 months worth of money in the account, in case something - God forbid - happens to us and

our executor(s) or attorney has to handle our affairs.

Especially because we're out of Country so much.

So if TPTB decide to raid - they ain't gettin' much.

 

And avoid having loans and debt at all costs !

 

Live SIMPLY AND WITHIN your means as much as possible,

you may live like a pauper, but you'll be a happy pauper...

AND BEHOLDEN TO NO MAN.  THAT'S PRICELESS.

 

If you're in debt - you've only enslaved yourself.

 

TPTB absolutely Love to OWN you.    Cripple them by NOT playing their game.

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Well stated...I put all my eggs in one basket, an old 50's hewed pole bar...I had restored the loft as my livin' domain and had the bottom equipped to work out of...One end was where I fabricated metal work and the other end was set-up for woodwork and cabinetry...Everything that I'd acquired over the years was in one end of the barn or the other or in the loft....I did very well the last two year stayin' off the radar...a fire last November has me in a 15' Sportsman RV, that I paid cash for....I'm back to square one....and I'd climb out of this jam on my own one nickel at a time....I'm savin' my pennies for a cold one every now and then.... 

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***///

 

He told us how to get along without banks...

 

We do go to the Credit Union and buy Money Orders for the monthly bills.  (water, elect, cell phones, TV, insurance)

They are free there.

 

We don't buy anything on line.  

Do no on-line banking, either.

We do not use debit cards, ever.

 

We do use credit cards - rarely , so we don't have to carry alotta cash,

but send a Money Order to pay that off before it's due.

 

We keep 1-2 months worth of money in the account, in case something - God forbid - happens to us and

our executor(s) or attorney has to handle our affairs.

Especially because we're out of Country so much.

So if TPTB decide to raid - they ain't gettin' much.

 

And avoid having loans and debt at all costs !

 

Live SIMPLY AND WITHIN your means as much as possible,

you may live like a pauper, but you'll be a happy pauper...

AND BEHOLDEN TO NO MAN.  THAT'S PRICELESS.

 

If you're in debt - you've only enslaved yourself.

 

TPTB absolutely Love to OWN you.    Cripple them by NOT playing their game.

 

 

Best advise I have heard on here in along time ladies.

Its a shame most do not no how to live this way.

They have to have that brand new phone and trade in that 2 year old car for the newst model. 

It lets people know that they are doing well and they are a somebody.

hahahaha  its so laughable.  If this RV ever actually comes in people will not even know

of my sudden wealth by looking at the way I live. (Other then always sporting a pair of new socks)  :)

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Best advise I have heard on here in along time ladies.

Its a shame most do not no how to live this way.

They have to have that brand new phone and trade in that 2 year old car for the newst model. 

It lets people know that they are doing well and they are a somebody.

hahahaha  its so laughable.  If this RV ever actually comes in people will not even know

of my sudden wealth by looking at the way I live. (Other then always sporting a pair of new socks)  :)

***///

 

You got that right, DOG ! So true !

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***///

 

...a spotted dog...?  Where...?   :shrug:

 

 

Well stated...I put all my eggs in one basket, an old 50's hewed pole bar...I had restored the loft as my livin' domain and had the bottom equipped to work out of...One end was where I fabricated metal work and the other end was set-up for woodwork and cabinetry...Everything that I'd acquired over the years was in one end of the barn or the other or in the loft....I did very well the last two year stayin' off the radar...a fire last November has me in a 15' Sportsman RV, that I paid cash for....I'm back to square one....and I'd climb out of this jam on my own one nickel at a time....I'm savin' my pennies for a cold one every now and then.... 

***///

 

You're our new hero !  Good on ya, SKEETer ! A REAL man... a Patriot !  

We wish you many good things !   :tiphat:

 

 

.

Edited by SgtFuryUSCZ
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