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regulations are reactive, not proactive. meaning until a government agency receives a SAR they usually dont know what is happen between client/business, so you can relax just a little
regulations are reactive, not proactive. meaning until a government agency receives a SAR they usually dont know what is happen between client/business, so you can relax just a little
The case you are describing is correct. But it only means that banks and financial services act as extended arms / outsourced departments of the regulators and that they do the data collecting, analysing and storing for them.
What I described is basically the essence of what regulators want. I do talk to central bankers, police officials and politicians about this internationally and they usually confirm that to me (even though sometimes in a very charming way like in this video from around minute 27 on: http://www.youtube.com/watch?v=GaW2iPSPEs0) and that the fact that they do not know how to get do that with Bitcoin is a problem for them. The head of German state police even went so far as to suggest that if this is not possible the only way out he sees is to shut down the internet alltogether (no I am not kidding).
After all we live in a total surveillence society. To have access to the financial data about people is at least as important for the rulers as having their communications data and of course they want ways to embargoe dissidents (like wikileaks).
Joe
not really.. after all bank notes exist without every transaction being monitored.. and governments have not stopped printing those.. infact they are printing more then ever before. all governments really care about is that $10k+ amounts are not leaving native circulation, once you peel away the fiction of what money control is really for.
remember HSBC getting away with laundering drug money. but many innocent people at state and international checkpoints are having their money confiscated without any proof of a crime.
as a non american, i can move state to state no issues, even if im not suppose to, i just say im on vacation.. but as soon as they see $10k on my back seat, thats a whole different story
