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Retired Member

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A place to share stuff that isn't at all fintec related but is amusing, absurd or scary.

Money Laundering and Fincen Falsehoods

14 February 2011  |  4507 views  |  0

Clearly if the entire banking system ruled by the US driven data sharing and transaction reporting rules can't find billions freshly stashed by fleeing dictators - the whole effort is a joke. A joke on European and Asian banks that is.

It is also a completely unnecessary cost impost on banks and their customers. Are you all what we call 'mugs' in Australia? Since when should the dis-masters of the SS Financial Universe set the rules? Scammed and reamed.

Given that terrorism is on the downfall, mainly because the US efforts to foster it will be further exposed and limited, that excuse is simply lame. US foreign policy is being driven in a new direction and they are now just passengers. There is no reason for the rest of you to pay for the ride.

I'd suggest European banks man-up with their Asian counterparts and throw off their financial serfdom. They owe it to their customers and shareholders. That is of course based on the clear premise that all those silly rules are completely ineffectual and likely have a hidden purpose which probably doesn't consider your welfare at all.

Perhaps I will be proved wrong? Not so far.

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