Pages:
Author

Topic: History of United States Anti-Money Laundering Laws - page 3. (Read 6952 times)

legendary
Activity: 3920
Merit: 2349
Eadem mutata resurgo
I'm not a legal scholar.

I'm not a lawyer.

I'm having a public dialogue about US anti - money laundering regulation as it relates to virtual currencies.

You are certainly welcome to outline elements of the BSA that you believe to be unconstitutional.  And until a court proves your point they remain law in the US regardless of what you think and  I for one plan to operate within those laws.

Doug Jackson of e-gold bent over forwards trying to comply and still ended up getting it hard with no grease.

Government employees cannot be relied upon to follow the law. They will change it to whatever suits them and their masters among the elites.

You cannot negotiate with terrorists.

TD. If you were actually familiar with the e-gold case and the law you would understand that that Doug Jackson was prosecuted for ignoring existing law just as you are suggesting. At his sentencing the judge actually said that there was nothing illegal about his business. Unfortunately he was not in compliance and he allowed bad actors to use his system.

Actions (or more specifically inaction) have consequences. And in this case the consequences include both civil and criminal penalties.

You are living in an alternative reality ... I kind of envy your cognitive dissonance because that is the world most of us would like to believe we are living in (in an ignorance is bliss kind of way), but the evidence for selective application of bad laws and the roll out of a facist state are now overwhelming. In the end, wilfully ignoring the new reality will cost you, financially and probably psychologically as well eventually.
newbie
Activity: 22
Merit: 0
The laws that affect us most are all surprisingly recent.  Wow.
vip
Activity: 1316
Merit: 1043
👻
BCB
vip
Activity: 1078
Merit: 1002
BCJ
I'm not a legal scholar.

I'm not a lawyer.

I'm having a public dialogue about US anti - money laundering regulation as it relates to virtual currencies.

You are certainly welcome to outline elements of the BSA that you believe to be unconstitutional.  And until a court proves your point they remain law in the US regardless of what you think and  I for one plan to operate within those laws.

Doug Jackson of e-gold bent over forwards trying to comply and still ended up getting it hard with no grease.

Government employees cannot be relied upon to follow the law. They will change it to whatever suits them and their masters among the elites.

You cannot negotiate with terrorists.

TD. If you were actually familiar with the e-gold case and the law you would understand that that Doug Jackson was prosecuted for ignoring existing law just as you are suggesting. At his sentencing the judge actually said that there was nothing illegal about his business. Unfortunately he was not in compliance and he allowed bad actors to use his system.

Actions (or more specifically inaction) have consequences. And in this case the consequences include both civil and criminal penalties.
legendary
Activity: 3920
Merit: 2349
Eadem mutata resurgo
I'm not a legal scholar.

I'm not a lawyer.

I'm having a public dialogue about US anti - money laundering regulation as it relates to virtual currencies.

You are certainly welcome to outline elements of the BSA that you believe to be unconstitutional.  And until a court proves your point they remain law in the US regardless of what you think and  I for one plan to operate within those laws.

Doug Jackson of e-gold bent over forwards trying to comply and still ended up getting it hard with no grease.

Government employees cannot be relied upon to follow the law. They will change it to whatever suits them and their masters among the elites.

You cannot negotiate with terrorists.

There seems to be a common misconception that the rule of law still prevails ... despite all evidence pointing to the contrary.
sr. member
Activity: 448
Merit: 250
black swan hunter
I'm not a legal scholar.

I'm not a lawyer.

I'm having a public dialogue about US anti - money laundering regulation as it relates to virtual currencies.

You are certainly welcome to outline elements of the BSA that you believe to be unconstitutional.  And until a court proves your point they remain law in the US regardless of what you think and  I for one plan to operate within those laws.

Doug Jackson of e-gold bent over forwards trying to comply and still ended up getting it hard with no grease.

Government employees cannot be relied upon to follow the law. They will change it to whatever suits them and their masters among the elites.

You cannot negotiate with terrorists.
legendary
Activity: 905
Merit: 1000
This was the law.  Gold was dirty money.

Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation.  They gave you less than 1 month to turn it in, under penalty of $10,000 and/or up to five to ten years imprisonment.  The Supreme Court upheld all seizures as constitutional, with only one justice dissenting.

This was the law until December 31, 1974.



https://en.wikipedia.org/wiki/Executive_Order_6102

But they would never be able to do that with Bitcoin, because unlike gold, Bitcoins are used all over the planet.   Wink
legendary
Activity: 3066
Merit: 1047
Your country may be your worst enemy
Everyone has an opinion, that's nice and we may also have different definitions of dirty money.
Drug money is generally seen as dirty money, but 100 years ago, cannabis and cocaine were perfectly legal, and sold freely in shops. No dirty money there.

In many places, gambling is illegal, and people from those places see Las Vegas as a shameful ring of dirty money factories.

Don't get me wrong, there's real dirty money coming from bank robberies and extortion, but there's also a lot of dirty money coming straight from the government.
legendary
Activity: 3430
Merit: 3080
TippingPoint

everyone has an opinion.

I don't disagree that there are civil liberty and privacy concerns will all the issues you enumerate. 

Regardless,  they remain the law.



I understand that Adolf Hitler was in total compliance with German law when he invaded and murdered his way around Europe. It didn't magically transform those laws into moral behaviour, strangely, they were the total opposite. Legal != ethical.
BCB
vip
Activity: 1078
Merit: 1002
BCJ
This might be coming
  • Money Laundering, Cryptocurrency and Financial Crimes Strategy Act (2016)

Whatever ... they are idiotic to think they can ever effectively legislate for Open Source code, particularly OS code that can transfer valuable bits.

If they want to be in the business of making the rules of this game they need to learn git, end of.

huh??
legendary
Activity: 3920
Merit: 2349
Eadem mutata resurgo
This might be coming
  • Money Laundering, Cryptocurrency and Financial Crimes Strategy Act (2016)

Whatever ... they are idiotic to think they can ever effectively legislate for Open Source code, particularly OS code that can transfer valuable bits.

If they want to be in the business of making the rules of this game they need to learn git, end of.
legendary
Activity: 905
Merit: 1000
This might be coming
  • Money Laundering, Cryptocurrency and Financial Crimes Strategy Act (2016)
sr. member
Activity: 352
Merit: 250
Informative post. Thanks.
BCB
vip
Activity: 1078
Merit: 1002
BCJ
TippingPoint

everyone has an opinion.

I don't disagree that there are civil liberty and privacy concerns will all the issues you enumerate. 

Regardless,  they remain the law.

legendary
Activity: 905
Merit: 1000
I am of the opinion that the Bitcoin process is incompatible with the
  • Bank Secrecy Act (1970)
  • Money Laundering Control Act (1986)
  • Anti-Drug Abuse Act of 1988
  • Annunzio-Wylie Anti-Money Laundering Act (1992)
  • Money Laundering Suppression Act (1994)
  • Money Laundering and Financial Crimes Strategy Act (1998)
  • Uniting and Strengthening America by Providing Appropriate Tools to Restrict, Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act),
    [Title III of the USA PATRIOT Act is referred to as the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001]
  • Intelligence Reform & Terrorism Prevention Act of 2004

as well as other related government initiatives (to protect us from evil), such as
  • The elimination of all currency denominations greater than $100
  • Mandatory reporting of wages data, and withholding
  • Searches and confiscation of "suspicious cash" by TSA (and other agencies)

We are witnessing the early sparring.


BCB
vip
Activity: 1078
Merit: 1002
BCJ
You sound like the expert on that. Why don't you.

So, as a legal scholar, you basically agree that the Banking Secrecy Act has many aspects of it that are unconstitutional then?

(We need to frame the argument before we launch into it ...)

I'm not a legal scholar.

I'm not a lawyer.

I'm having a public dialogue about US anti - money laundering regulation as it relates to virtual currencies.

You are certainly welcome to outline elements of the BSA that you believe to be unconstitutional.  And until a court proves your point they remain law in the US regardless of what you think and  I for one plan to operate within those laws.
legendary
Activity: 3920
Merit: 2349
Eadem mutata resurgo
You sound like the expert on that. Why don't you.

So, as a legal scholar, you basically agree that the Banking Secrecy Act has many aspects of it that are unconstitutional then?

(We need to frame the argument before we launch into it ...)
legendary
Activity: 3430
Merit: 3080

So how do these "financial surveillance" laws and LE financial information dragnets not fall afoul of the 4th amendment?


Many are aware that they contravene it entirely, just to collect personally attributable information without using it is a breach. This started so long ago though, the 16th amendment is not ratified, and is practiced in the very states that didn't ratify as well as those that did, it even contradicts the amendment that stipulates the barring of unapportioned taxation. The American constitution has been weakened so much that it's pretty much a non-functional relic, the descent into government by diktat began with the Federal Reserve in 1913. Orwell said it best: power is not a means to an end, it is an end in and of itself. There is no freedom except that which you grant for yourself, people that recognise that quality in Bitcoin should start applying the principle to their whole existence too, the world needs to take back consent from these commissars.
BCB
vip
Activity: 1078
Merit: 1002
BCJ
You sound like the expert on that. Why don't you.
legendary
Activity: 3920
Merit: 2349
Eadem mutata resurgo

So how do these "financial surveillance" laws and LE financial information dragnets not fall afoul of the 4th amendment?

BCB : would you like to post the fourth amendment with regards to financial privacy for everybody so we can see the history of those abuses? thanks.
Pages:
Jump to: