Banks Face New U.S. Moves Against Laundering Yet Politicians Site Bitcoin As The Source For These Illicit Funds (huh?)
Banks Face New U.S. Moves Against Laundering
Yet Politicians Site Bitcoin As The Source For These Illicit Funds (Huh?)
Yet Politicians Site Bitcoin As The Source For These Illicit Funds (Huh?)
Principle #1: For wherein you judge another, you condemn yourself; for you who judge practice the same things.
I think by now we have all heard the big accusation against Bitcoin – that it is used for “money laundering” – made especially by the money cartels (the U.S. and European Central Bank first).
First off, that doesn’t make sense to me. A currency is supposed to be neutral – that is its purpose. So, accusing a currency of money laundering is like jailing a knife for murder. But, that’s not precisely the point we’re addressing here.
Rather, the question is: do the cartels do the same thing that they condemn?
You Bet They Do!
Read this story on HSBC. Then read this one on Wachovia. These banks laundered hundreds of billions of dollars – knowingly – for violent drug lords. And it gets worse: No one from either bank went to jail. Neither bank was shut down. Neither bank suffered more than a minor fine.
So, how much of a concern can money laundering really be to the cartels and their politician partners? Clearly none, or very close to none.
And, since the cartels accuse Bitcoin of being used for bad things, let’s be clear about the situation: Every mafioso on the planet uses cartel money. So do all the drug smugglers, terrorists, and pornographers.
Does Bitcoin accuse the money cartels? Nope. Bitcoin has no official operators to speak for it at all.
It is true that many Bitcoin users accuse the cartels of being manipulators, but, at least for now, there is no Bitcoin cartel that is even capable of manipulating the currency.
So, round one goes to Bitcoin: The cartels very clearly condemn themselves, and Bitcoin clearly does not.
Principle #2: Everyone who does evil hates the light, and does not come to the light, lest his deeds should be exposed. But he who does what is true comes to the light.
When Bitcoin creator Satoshi Nakamoto posted his Bitcoin paper in 2008, he laid everything open for all to see. Then he wrote the Bitcoin program and left it “open source,” so anyone could see the programming.
The process of creating cartel money, on the other hand, is mostly hidden, purposely confused, and isn’t even taught to most Econ majors. And if you think that’s just my opinion, here’s one from the esteemed economist John Kenneth Galbraith:
The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.
The argument is made, of course, that the process of creating dollars, etc. is very complicated, and that people don’t understand it because of that.
I don’t think that’s true, but even so, let’s compare it to Bitcoin: Making bitcoins is also complex, but Bitcoin enthusiasts have been working night and day to explain their new currency and how it works. I’ve seen them cornering people at birthday parties, trying to make them understand.
Round two goes to Bitcoin also. Bitcoin wants to be seen and known, and the cartels surely do not.
It all comes down to the reason “why.”
Satoshi Nakamoto began the original Bitcoin document by saying that he wanted to, “allow online payments to be sent directly from one party to another without going through a financial institution.” He goes on to say that he was creating,
an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
In other words, Satoshi wanted to remove the necessity of one man ruling another in the area of money. Furthermore, he did it, then went away.
As for the motives of the cartel, we can’t really tell. The visible heads of the Federal Reserve are certainly not the owners of the Federal Reserve, and the US government refuses to reveal the names of the owners.
Perhaps the closest real examination of their motives comes from a renowned professor who worked for them for a few years. Professor Carroll Quigley of Georgetown – and a major influence on none other than Bill Clinton, wrote this in his book Tragedy And Hope:
The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. Each central bank… sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent rewards in the business world.
So, was Quigley right? I have no solid proof that he is, but he would be an awfully hard witness to impeach. One substantiation that comes to mind is a recent comment by Illinois Senator Dick Durbin. In the midst of a political fight, he complained, “The banks own the Senate.”
That’s not really proof either, but it is interesting.
You can make up your own mind on the banks, but Satoshi’s motives are fairly well beyond question.
I think it is clear that from a moral standpoint, Bitcoin is far, far better than cartel money. (As are silver and gold.)
So, the next time you hear someone calling Bitcoin dangerous and evil, don’t let them get away with it!
The Justice Department has put Wall Street on notice that it plans additional enforcement actions against banks that haven't done enough to stem the flow of illicit funds into the U.S. financial system.
A top Justice Department official said banks have stepped up efforts to guard against money laundering in the wake of several high-profile federal enforcement actions, but the U.S. is still finding problems as it investigates banks.
"I think [banks] still need to do more," said Mythili Raman, the acting assistant attorney general who heads the Justice Department's Criminal Division. "It's not as if our enforcement actions are over. There's more to come, and that suggests to me that there are still banks that haven't gotten the message."
Banks have come under increasing pressure from regulators and law enforcement to bolster their anti-money-laundering efforts as part of a broad attempt to eradicate money laundering by going after the financial institutions they say enable such activity.
Prosecutors are increasingly bringing cases under the Bank Secrecy Act, which requires financial institutions to take a range of steps to ensure customers' money doesn't come from criminal activity.
The Office of the Comptroller of the Currency, which oversees the largest national banks, has begun tying deficiencies in a bank's anti-money-laundering program to its formal rating of bank management, which can form the basis for enforcement actions and affect a bank's ability to raise capital.
In 2012, HSBC Holdings PLC paid $1.9 billion after admitting violations of the Bank Secrecy Act and other laws. Regulators also reached a smaller settlement with Standard Chartered PLC and cited Citigroup Inc. and J.P. Morgan Chase and Co. for deficient money-laundering controls. Citigroup and J.P. Morgan said they are working to fix the issues. Last year, the Federal Reserve cited problems with the anti-money-laundering program at M And T Bank Corp., delaying a proposed merger.
The increased focus on banks is a shift for law enforcement, which traditionally added money-laundering charges when prosecuting alleged drug dealers or mobsters for other crimes. It also went after specific individuals or institutions that allegedly helped them launder money in specific instances.
A top Justice Department official said banks have stepped up efforts to guard against money laundering in the wake of several high-profile federal enforcement actions, but the U.S. is still finding problems as it investigates banks.
"I think [banks] still need to do more," said Mythili Raman, the acting assistant attorney general who heads the Justice Department's Criminal Division. "It's not as if our enforcement actions are over. There's more to come, and that suggests to me that there are still banks that haven't gotten the message."
Banks have come under increasing pressure from regulators and law enforcement to bolster their anti-money-laundering efforts as part of a broad attempt to eradicate money laundering by going after the financial institutions they say enable such activity.
Prosecutors are increasingly bringing cases under the Bank Secrecy Act, which requires financial institutions to take a range of steps to ensure customers' money doesn't come from criminal activity.
The Office of the Comptroller of the Currency, which oversees the largest national banks, has begun tying deficiencies in a bank's anti-money-laundering program to its formal rating of bank management, which can form the basis for enforcement actions and affect a bank's ability to raise capital.
In 2012, HSBC Holdings PLC paid $1.9 billion after admitting violations of the Bank Secrecy Act and other laws. Regulators also reached a smaller settlement with Standard Chartered PLC and cited Citigroup Inc. and J.P. Morgan Chase and Co. for deficient money-laundering controls. Citigroup and J.P. Morgan said they are working to fix the issues. Last year, the Federal Reserve cited problems with the anti-money-laundering program at M And T Bank Corp., delaying a proposed merger.
The increased focus on banks is a shift for law enforcement, which traditionally added money-laundering charges when prosecuting alleged drug dealers or mobsters for other crimes. It also went after specific individuals or institutions that allegedly helped them launder money in specific instances.
The use of the Bank Secrecy Act leaves banks exposed to prosecution simply for having inadequate controls that leave them vulnerable to drug or other illicit money.
"It was a hook where the federal government could go in and go after drug dealers etc.," said Asheesh Goel, co-chairman of the anticorruption and international risk practice at law firm Ropes And Gray LLP. "Now what we're seeing is money-laundering enforcement for money-laundering enforcement's sake."
The shift hasn't gone unnoticed by banks, which are trying not to run afoul of the law. The industry has asked the government for guidance on how to oversee bank accounts for businesses that sell marijuana legally under state law but in violation of federal drug laws, meaning the Justice Department could consider their funds criminal proceeds. The department is drafting guidance for banks, people familiar with the matter said, but the planned memo won't draw clear lines about what banks can and can't do.
For banks, the increased focus on whether they understand the source of their customers' money represents a challenge and expense. Industry representatives say it could also shift more money into the shadows.
"It creates this awkward situation where instead of being more inclusive and bringing entities into the banking system where the records are available for law enforcement when they need them, banks are now saying 'we are not going to offer these products and services,'" said Rob Rowe, a vice president at the American Bankers Association. "Then it goes underground or offshore, and law enforcement no longer has access to the information."
Banks, he said, don't always have the ability to figure out whether a customer's business is legitimate. "Bankers don't make good junior G-men," he said.
Ms. Raman said the Justice Department isn't interested in prosecuting banks every time criminal proceeds slip into the financial system but is looking for a pattern of problematic behavior. "We're not looking for one-offs," she said. "We need to show a willful violation of their duties to ensure that there's an effective compliance program in place."
She said that by forcing banks to scrutinize customers more carefully, they can make it harder to launder money through the U.S. financial system.
"When I say we want the institutions to harden themselves against these threats, it's because at the end of the day we don't want, as a country, our U.S. dollars to be the way that criminal proceeds are flowing through and across the world," Ms. Raman said.
Monty Henry, Owner
Some of Our Latest Articles:
* US Is Losing the Anti-Money Laundering War (Could Bitcoin Be The Answer)
* Money Laundering Probe Spreads To US Banks As New York Regulators Fall Asleep At The Wheel
* US Is Losing the Anti-Money Laundering War (Could Bitcoin Be The Answer)
* Money Laundering Probe Spreads To US Banks As New York Regulators Fall Asleep At The Wheel
* Mixing Services Add Complete (NSA-Proof) Anonymity To Bitcoin Transactions
Next-Generation Bug / Microwave / ELF / Spy Phone / GSM And Camera Detectors (Buy, Rent, Layaway) tinyurl.com/2eo8mlz Open...
— Spy Store Rentals (@MontyHenry1)
Nanny IP (Internet) Cameras, GPS Trackers, Bug Detectors and Listening Devices, etc, (Buy / Rent / Layaway): tinyurl.com/396jlw6...
— Spy Store Rentals (@MontyHenry1)
NOW, look in on your home, second home, lake house or office anytime, anywhere from any internet connected PC/Lap-top or Internet active cell phone, including iphone or PDA.
Watch your child's caregiver while sitting at a traffic light or lunch meeting, or check on your business security from the other side of the world. Our built-in hidden video features all digital transmissions providing a crystal clear image with zero interference. With the IP receiver stream your video over the internet through your router, and view on either a PC or smart phone. Designed exclusively for DPL-Surveillance-Equipment, these IP hidden wireless cameras come with multiple features to make the user's experience hassle-free.
NOW, look in on your home, second home, lake house or office anytime, anywhere from any internet connected PC/Lap-top or Internet active cell phone, including iphone or PDA: http://www.dpl-surveillance-equipment.com/wireless_hidden_cameras.html
Watch your child's caregiver while sitting at a traffic light or lunch meeting, or check on your business security from the other side of the world. Our built-in hidden video features all digital transmissions providing a crystal clear image with zero interference. With the IP receiver stream your video over the internet through your router, and view on either a PC or smart phone. Designed exclusively for DPL-Surveillance-Equipment, these IP hidden wireless cameras come with multiple features to make the user's experience hassle-free.
• Remote Video Access
• Video is Recorded Locally To An Installed SD Card (2GB SD Card included)
• Email Notifications (Motion Alerts, Camera Failure, IP Address Change, SD Card Full)
• Live Monitoring, Recording And Event Playback Via Internet
• Back-up SD Storage Up To 32GB (SD Not Included)
• Digital Wireless Transmission (No Camera Interference)
• View LIVE On Your SmartPhone!
Includes:
* Nanny Cameras w/ Remote View
* Wireless IP Receiver
* Remote Control
* A/C Adaptor
* 2GB SD Card
* USB Receiver
FACT SHEET: HIDDEN NANNY-SPY (VIEW VIA THE INTERNET) CAMERAS
Specifications:
Receiver Specs:
* Transmission Range of 500 ft Line Of Sight
* Uses 53 Channels Resulting In No Interference
* 12V Power Consumption
* RCA Output
* Supports up to 32gig SD
Camera Specs:
* 640x480 / 320x240 up to 30fps
* Image Sensor: 1/4" Micron Sensor
* Resolution: 720x480 Pixels
* S/N Ratio: 45 db
* Sensitivity: 11.5V/lux-s @ 550nm
* Video System: NTSC
* White Balance: Auto Tracking
• Video is Recorded Locally To An Installed SD Card (2GB SD Card included)
• Email Notifications (Motion Alerts, Camera Failure, IP Address Change, SD Card Full)
• Live Monitoring, Recording And Event Playback Via Internet
• Back-up SD Storage Up To 32GB (SD Not Included)
• Digital Wireless Transmission (No Camera Interference)
• View LIVE On Your SmartPhone!
Includes:
* Nanny Cameras w/ Remote View
* Wireless IP Receiver
* Remote Control
* A/C Adaptor
* 2GB SD Card
* USB Receiver
FACT SHEET: HIDDEN NANNY-SPY (VIEW VIA THE INTERNET) CAMERAS
Specifications:
Receiver Specs:
* Transmission Range of 500 ft Line Of Sight
* Uses 53 Channels Resulting In No Interference
* 12V Power Consumption
* RCA Output
* Supports up to 32gig SD
Camera Specs:
* 640x480 / 320x240 up to 30fps
* Image Sensor: 1/4" Micron Sensor
* Resolution: 720x480 Pixels
* S/N Ratio: 45 db
* Sensitivity: 11.5V/lux-s @ 550nm
* Video System: NTSC
* White Balance: Auto Tracking
Make Your Own Nanny Cameras: Make Tons Of Money In A Booming, Nearly Recession-Proof Industry!
Your Primary Customers Include But Are Not Limited To Anyone In The Private Investigator, Government, Law Enforcement And/Or Intelligence Agencies Fields!
* You Buy Our DVR Boards And We'll Build Your Products! (Optional)
* You Buy Our DVR Boards And We'll Build Your Products! (Optional)
Our New Layaway Plan Adds Convenience For Online Shoppers
DPL-Surveillance-Equipment's
layaway plan makes it easy for you to buy the products and services
that you want by paying for them through manageable monthly payments
that you set. Our intuitive calculator allows you to break down your
order's purchase price into smaller payment amounts. Payments can be
automatically deducted from your bank account or made in cash using
MoneyGram® ExpressPayment® Services and you will receive your order once
it's paid in full. Use it to plan and budget for holiday purchases,
anniversaries, birthdays, vacations and more!
DPL-Surveillance-Equipment's
Customers can now use the convenience of layaway online to help them
get through these tough economic times.
We all shop now
and then just to face a hard reality -- big credit card bills. However,
our latest financing innovation can help you avoid that. Find out why
more and more shoppers are checking out DPL-Surveillance-Equipment's
e-layaway plan.
If you're drooling over a new nanny
camera, longing for a GPS tracker, or wishing for that spy watch, but
you're strapped for cash and can't afford to do credit, do what Jennie
Kheen did. She bought her iPod docking station (hidden camera
w/motion-activated DVR) online using our convenient lay-away plan.
Our
online layaway plan works like the old-fashioned service stores used to
offer. But, in Kheen's case, she went to
DPL-Surveillance-Equipment.com, found the iPod docking station (hidden
camera w/motion-activated DVR), then set up a payment plan.
"It's automatically drawn from my account," she said. "I have a budget, $208.00 a month.
In
three months, Kheen had paid off the $650.00 iPod docking station. She
paid another 3.9 percent service fee, which amounted to about $25.35
(plus $12.00 for shipping) for a total of $687.35.
"You
pay a little bit each month," Kheen said. "It's paid off when you get
it and you don't have it lingering over your head. It's great."
Flexible
payment terms and automated payments make our layaway plan an
affordable and fiscally responsible alternative to credit cards.
1. Register:
It's quick, easy and FREE! No credit check required!
2. Shop:
Select
the items or service you want and choose "e-layaway" as your payment
option. Our payment calculator makes it easy for you to set up your
payment terms.
3. Make Payments:
Payments are made on the schedule YOU set. Check your order status or adjust your payments online in a secure environment.
4. Receive Products:
Receive the product shortly after your last payment. The best part, it's paid in full... NO DEBT.
More Buying Power:
*
Our lay-away plan offers a safe and affordable payment alternative
without tying up your credit or subjecting the purchase to high-interest
credit card fees.
No Credit Checks or Special Qualifications:
* Anyone 18 years old or older can join. All you need is an active bank account.
Freedom From Credit Cards:
*
If you are near or beyond your credit limit or simply want to avoid
high interest credit card fees, our e-layaway is the smart choice for
you.
Flexible Payment Schedules:
*
Similar to traditional layaway, e-layaway lets you make regular payments
towards merchandise, with delivery upon payment in full. Payments are
automatically deducted from your bank account or made in cash using
MoneyGram® ExpressPayment®
A Tool for Planning Ahead:
*
Our e-layaway makes it easy for smart shoppers like you to plan ahead
and buy items such as bug detectors, nanny cameras, audio bugs, gps
trackers, and more!
No Hidden Charges or Mounting Interest:
Our
e-layaway makes shopping painless by eliminating hidden charges and
monthly interest fees. Our customers pay a flat transaction fee on the
initial purchase price.
NO RISK:
* You have the right to cancel any purchase and will receive a refund less a cancellation fee. See website for details.
Security and Identity Protection:
DPL-Surveillance-Equipment
has partnered with trusted experts like McAfee and IDology to ensure
the security and integrity of every transaction. Identity verification
measures are integrated into our e-layaway system to prevent fraudulent
purchases.
Note: Simply Choose e-Lay-Away as a "Payment Option" in The Shopping Cart
DPL-Surveillance-Equipment.com
is a world leader in providing surveillance and security products and
services to Government, Law Enforcement, Private Investigators, small
and large companies worldwide. We have one of the largest varieties of
state-of-the-art surveillance and counter-surveillance equipment
including Personal Protection
and Bug Detection Products.
Buy, rent or lease the same
state-of-the-art surveillance and security equipment Detectives, PI's,
the CIA and FBI use. Take back control!
DPL-Surveillance-Equipment.com
Phone: (1888) 344-3742 Toll Free USA
Local: (818) 344-3742
Fax (775) 249-9320
Monty@DPL-Surveillance-Equipment.com
Google+ and Gmail
DPLSURVE
Twitter
DPLSURVE
MSN
Monty@DPL-Surveillance-Equipment.com
AOL Instant Messenger
DPLSURVE32
Skype
Montyl32
Yahoo Instant Messenger
Montyi32
Alternate Email Address
montyi32@yahoo.com
Join my Yahoo Group!
My RSS Feed
Phone: (1888) 344-3742 Toll Free USA
Local: (818) 344-3742
Fax (775) 249-9320
Monty@DPL-Surveillance-Equipment.com
Google+ and Gmail
DPLSURVE
DPLSURVE
MSN
Monty@DPL-Surveillance-Equipment.com
AOL Instant Messenger
DPLSURVE32
Skype
Montyl32
Yahoo Instant Messenger
Montyi32
Alternate Email Address
montyi32@yahoo.com
Join my Yahoo Group!
My RSS Feed
posted by DPL-Surveillance-Equipment | 8:41 PM
0 Comments:
Post a Comment
Note: Only a member of this blog may post a comment.
<< Home