I am sure you are familiar with the law of having to declare $10,000 usd or more whenever you travel with any type of monetary instruments. They claim this is to stop money laundering and terrorism financing. My question is how?
These laws have been in place for a few decades from my understanding, possibly the 1980s. How does someone declaring cash stop terrorist from being financed because bin laden and the rest of the terrorist seem to have no problem transfering money from Saudi Arabia to Pakistan. How is me moving $30,000 from Canada to USA or USA to Cayman Island going to finance terrorist? I am not a terrorist or a money launderer. These anti money laundering laws certainly do not stop
Quote:
s. Similarly in late 2010, the Wells Fargo-acquired bank, Wachovia, was ordered to pay a $160 million penalty when they failed to detect and investigate the use of their accounts by drug traffickers to launder money into the U.S., including a transfer of $378.4 billion, the equivalent of a third of Mexico’s GDP. Bank of America, it should be noted, is not being charged with any wrongdoing.
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FBI: Drug Cartels Use Bank of America to Launder Money
Given that is just ONE bank, it is fair to say that Mexican drug cartels have no real impediment to laundering money and probably launder something like 5-10 trillion a year. So how are these laws allowed when they clearly don't stop terrorist from being financed (because that would require banks to know before hand their customers are terrorist and I severely doubt Osama or most terrorist even use the banking system given that it can be used to track movements) and don't stop money laundering or even impede it.
What is the real purpose of these laws to monitor regular americans?