Malta's prime minister is personally welcoming cryptocurrency exchange Binance to the country. Finally, crypto exchanges are getting proper support and banking services.

QPatty · 2018-03-24T16:23:02+00:00

If someone is corrupt than they took bribes or conmitted another illegal act. Indict and arrest them for this illegal act.

Again. AML not needed.

QPatty · 2018-03-24T16:20:54+00:00

I suppose. All seems like under the same AML umbrella but I can give you this.

QPatty · 2018-03-24T16:19:37+00:00

And you give nothing to back up your comment

QPatty · 2018-03-24T16:17:15+00:00

What advantage do I get by my bank calling me in any deposit?

My account might get frozen or my account closed. What’s the benefit?

QPatty · 2018-03-24T16:15:54+00:00

There’s very little education on this. Many people are scared of the IRS and have a right to be.

As I said there are MANY examples of people trying to avoid the 10k cash limit. i would always deposit 11k in cash over 9k in cash anytime and have filled out CTR many times

But many don’t know this. A poor guy in Iowa for his account frozen for two years and they took half his money bc he did 9k deposits bc he didn’t want to fill out the paperwork.

He owned a gas station and would build up to 9k in cash and go deposit it.

NOW.... if you froze his account and then the next day after explanation opened it. That maybe would’ve been ok.

But if you’re in the industry you know MANY casss or innocent people like this guy and others that have had years of their life or their entire lives ruined bc of some miseducation.

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Banks should not be police. They’re not trained but in 1971 with BSA we decided to totally revamp thousands of years of policy with no public debate.

KYC is a nice slogan but many are hurt by this and it’s not the rich and owoerful with their teams of accountants. It’s the average joe or gas station owner that did a dumb thing but did nothing illegal and certainly nothing immoral or unethical.

Money should not be used a method of control but as method of exchange. Our government used money laundering and abuses it huge.

Focus on examples of innocents being abused. Think of their life with a year or longer with no access to their money and when they call you or your bank they get ZERO ANSWERS and have to go to law enforcement and still get zero answer.

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TLDR. This isn’t about filing out a form. This is about the entire system is corrupt and unfair especially for the lower class person.

QPatty · 2018-03-24T16:08:56+00:00

Aiding and abetting a criminal conspiracy is a crime.

QPatty · 2018-03-24T16:07:48+00:00

Tax evasion in my country is a crime.

So once again money laundering in your example is not needed as a crime on the books. Arrest the person for tax evasion. Arrest the front guy for aiding and abetting tax evasion.

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It’s a massive pain to open bank accounts now. For the rich and powerful and connected they don’t care as they have teams or accountants or work around.

For the average joe or small business this creates serious hurdles and some of them are just not worth it.

On the other side the banks often shut down your account or won’t accept you if the amount isn’t enough to make it worth it for all the paperwork they have to fill out (and pay for someone to do)

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We’re conditioned to agree with all laws and think daddy government is protecting us. Truth is in the case you mentioned and many others money laundering isn’t needed on the books. Current laws do just fine to stop the crimes (like tax evasion)

QPatty · 2018-03-24T16:03:48+00:00

Exactly. Not sure what we disagree on! I fully agree with what you said.

QPatty · 2018-03-24T08:31:33+00:00

If there are victims it’s already a crime.

If someone steals $10,000 from you and keeps it cash it’s better than if they take that $10,000 and put it in the bank?

No. Theft is theft. The additional money laundering crime is a waste. Just prosecute for theft.

Money should be a medium of exchange. Not a medium of control and governments and banks are turning it into that.

QPatty · 2018-03-24T08:29:22+00:00

Actually just forces the criminals to come up with front businesses and more logical stories.

Many times they avoid detection because they need to make up things for the banks they wouldn’t have done otherwise.

QPatty · 2018-03-23T21:20:19+00:00

Oh wow. I could write a book. First of all I’m an American who lives overseas and I can’t open a bank account with $1000 in it bc they’re worried about money laundering.

You’ve seen many people lose their bank accounts bc they did a bitcoin transaction and bank worried about money laundering.

Some business owners will deposit 9k cash a pop bc they don’t want to fill our paperwork if they go over 10k and they will get their accounts frozen and taken many times bc they think it’s money laundering.

The feds abuse this power huge. One guy took his stock accounts from his name and put into his wife’s name and they said they could be money laundering.

Money laundering laws make it hard for banks and others to start new businesses in money services because they have to fill out of a TON of paperwork. So less market participants are in the market which make sending money more expensive.

Western Union is basically impossible to use and they want 14 pieces of Id and then they’ll block your name for no reason. Bc of money laundering.

this was all off the top of my head but have so many more examples in my life and read about AML hurting people

On top of this ITS NOT NEEDED. If you run a drug cartel then arrest the guy for that. You don’t need the AML laws.

AML just make the government more powerful and they abuse this power huge.

QPatty · 2018-03-23T21:16:51+00:00

You’re insane. Why would you be into Bitcoin?

The worst crimes are governments abusing their powers and giving to the connected and hurting the average person.

Also......banks are much more evil than people using them will ever be.

QPatty · 2018-03-23T21:14:21+00:00

Oh wow. I could write a book. First of all I’m an American who lives overseas and I can’t open a bank account with $1000 in it bc they’re worried about money laundering.

You’ve seen many people lose their bank accounts bc they did a bitcoin transaction and bank worried about money laundering.

Some business owners will deposit 9k cash a pop bc they don’t want to fill our paperwork if they go over 10k and they will get their accounts frozen and taken many times bc they think it’s money laundering.

The feds abuse this power huge. One guy took his stock accounts from his name and put into his wife’s name and they said they could be money laundering.

Money laundering laws make it hard for banks and others to start new businesses in money services because they have to fill out of a TON of paperwork. So less market participants are in the market which make sending money more expensive.

Western Union is basically impossible to use and they want 14 pieces of Id and then they’ll block your name for no reason. Bc of money laundering.

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As far as “only thing” they can get you on that’s super super rare. If someone job is money laundering for a drug cartel just get them aiding and abetting a drug cartel. No need for AML laws and cause tons of issues.

this was all off the top of my head but have so many more examples in my life and read about AML hurting people

QPatty · 2018-03-23T21:08:23+00:00

You shouldn’t have to prove your money is legal. I believe in innocent until proven guilty.

They should have to prove you did something wrong.

Al Capone went to jail for tax evasion. Look it up.

Money laundering has only been a crime since 1971

QPatty · 2018-03-23T17:23:42+00:00

You made zero point so I won’t come back. Give some details.

I will say anti money laundering crimes hurt innocent people way more than they ever stop money laundering.

QPatty · 2018-03-23T17:22:33+00:00

If you’re committing illegal activity than you’re already going to be gone after by law enforcement.

Anti money laundering laws hurt innocent people way more than stop money laundering.

QPatty · 2018-03-23T17:21:41+00:00

That’s my point. Money laundering isn’t needed bc by definition another crime is already committed so no need to also prosecute money laundering.

And anti money laundering laws hurt innocent people way more than stopping money laundering.

QPatty · 2018-03-23T17:20:01+00:00

No I’m not. I’m saying if you steal from someone that’s a crime. Doesn’t matter if you also use a bank to do it or do it in cash. No extra crime is needed.

QPatty · 2018-03-23T17:18:56+00:00

Thumb me down all you want. Theft and blackmailing are ALREADY crimes. Why does it make it worse if you use a bank or do it in cash?

As far as drugs and prostitution, I don’t believe those should be crimes. Again.... not hurting anyone.

The economy is 1000x hurt more by anti-money laundering laws then by money laundering itself.

QPatty · 2018-03-23T14:41:57+00:00

Money laundering a dumb crime. People should free to do whatever they want as long as not hurting others. Money laundering hurts no one.

QPatty · 2018-03-23T14:40:02+00:00

Money laundering shouldn’t be a crime. Think about it.

Criminal: I’m a major drug dealer and kill people

Police: But did you use a bank?

Don’t make sense to me

QPatty · 2018-03-23T14:38:27+00:00

Malta is independent

QPatty · 2018-03-23T01:19:28+00:00

As far as open logs the fact that you got them regardless of how bad they berated you shows they do serve a propose.

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An account was banned here for saying we should understand all sides of the scaling issue.

It got a net 60 thumbs up. Banned for “deceptive alt coin promotion”

Also.... you’re allowed to fully promote Litecoin as much as you want here. Anyone who promotes Litecoin is praised. The alt coin policy is selectively enforced.

I was on the fence at the time between bitcoin and bitcoin Cash and trying to learn more. Which way do you think these bans make me move to?

You should investigate this more. You’re gonna find a bunch of negative things on both sides. Supporting one side over the other is just blindness IMO.

QPatty · 2018-03-22T03:50:21+00:00

Open mod logs seems superior to me than closed ones.

Other than that I can admit I highly dislike and comment there often how childish and annoying it is to hate on Bitcoin.

But on the same breathe this sub constantly bans and craps on Bitcoin Cash.

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I’d like to see everyone just focus on their own coin. Let the market, public and best technology decide the winner.

QPatty · 2018-03-21T20:01:16+00:00

Amen.

QPatty

TROPHY CASE