exbanker

The biggest money launderers are close to those who write the AML policies.

One of the most significant money launderers is a famous attorney from Shearman and Sterling in NYC.

From my experience, prominent financial executives attempted to engage in blatant laundering of drug money in BVI. These individuals were connected to the attorney and one is a public official appointed by 4 US Presidents.

This was 20+ years ago and I don’t know what they actually did, but I was in the room when they tried to do it. Outside the room hung a giant photo of George W. Bush golfing with the firm’s CEO.

They offered me $1 million in cash to fly with $100m at a time to Tortola. The financial structure was created by the attorney.

This is just factually untrue. AML policies unjustly affect millions of Americans.

At US Bank, you can’t deposit cash without an ID which is standard post 2018 or so. Yet go to a US Bank in a low income area, deposit $100 in a family member’s account and they will ask for ID, social security number and your job.

US Bank has been involved in multiple money laundering scandals leading to deferred criminal prosecution.

Many friends have times where they can’t withdraw their own cash, have had accounts closed, have been falsely reported for fraud without any recourse etc etc.

Also because financial fraud and identity theft is rarely prosecuted, regular Americans are bombarded with friction and hassle to transact.

People outside normal banking use Chime or prepaid bank cards, which promptly get banned from being used in a wide variety of businesses.

AML policies and the Bank Secrecy Act is a violation of the 4th Amendment. The BSA (a misnomer) has expanded in scope since the 70s and as money has inflated. It’s went from an adjusted $70,000+ to $600 today (or $85 in 1970s dollars).

And it seems the Supreme Court is going to act on the BSA sometime in the next year. It is a crime against the individual, a violation of civil rights and indefensible.

It is purely motivated by tax enforcement and controlling the population. It does not prevent or identify crime. There is an estimated trillion+ of trade based money laundering every year.