Tag Archives: War On Cash

India Central Bank Governor Warned Against Cash Ban Before Resigning

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“Raghuram Rajan left the central bank last September after unnerving political leaders with his outspoken nature. Several months later, Modi blindsided the nation by scrapping 86 percent of currency in circulation, saying the move was essential to unearth unaccounted wealth and fight graft. Since then, speculation has raged over who thought up the policy, with the debate getting more divisive last week as a slew of data showed demonetization contributed to a growth slump without meeting its targets.”

Read more: https://www.bloomberg.com/news/articles/2017-09-03/rajan-warned-modi-against-demonetization-his-new-book-shows

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India Demonetization Loses Credibility; 99% of Banned Notes Returned

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“Indians have deposited nearly all the currency bills voided by Prime Minister Narendra Modi, denting the central bank’s profit and dealing a blow to his drive to unearth unaccounted wealth.  The cash ban prompted the central bank to print new currency, reducing its profit and cutting annual dividend payout to the government by half.”

Read more: https://www.bloomberg.com/news/articles/2017-08-30/india-central-bank-spends-record-amount-to-replace-void-notes

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How a Dog Named Brutus Was Used to Steal $36,000

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“The police took more than half of the state’s median yearly income from someone because a dog sat next to their car. If you think this is a horrific injustice, you should feel relieved to know the overwhelming majority of Americans agree with you.  Civil asset forfeiture is the formal name for this form of state sanctioned theft.”

Read more: http://www.thedailybell.com/news-analysis/how-a-dog-named-brutus-was-used-to-steal-36000/

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US to criminalize undeclared cash, bitcoin, gift cards, prepaid phones

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“Have too much cash? You’d better tell the government.  If not, they’re authorizing themselves in this bill to seize not just the money you didn’t report, but ALL of your assets and bank accounts.  They even go so far as to specifically name ‘safety deposit boxes’ among the various assets that they can seize if you don’t fill out the form.”

Read more: https://www.sovereignman.com/trends/you-wont-believe-this-stupid-new-law-against-cash-and-bitcoin-22019/

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The DEA’s $4 Billion Warrantless Cash Grab

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“Federal law enforcement officers are raking in hundreds of millions of dollars a year with little oversight or constitutional protections for property owners.  Most of these types of seizures are never challenged.  The I.G. found petitions were filed in only 20 percent of the DEA cash seizures it reviewed. Of those that were challenged, though, 40 percent saw money fully or partially returned to the owner, indicating that there may be a significant number of unfounded seizures going unchallenged.”

Read more: http://reason.com/archives/2017/06/11/the-deas-warrantless-cash-grab

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IRS deliberately targeted innocents for civil forfeiture program

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“The Treasury Inspector General released a report this month that reveals that the IRS deliberately targeted people they knew were not engaged in structuring for millions of dollars’ worth of seizures, such that 91% of seizures were made in error, taking money away from people engaged in lawful activity.  These seizures were ‘quick hits’ that allowed IRS enforcers the rack up impressive resolution stats because the victims were happy to negotiate a settlement, as opposed to actual criminal acts.  The result: for the IRS, depositing $10,000 or more was an inherently suspicious act; but so was depositing $10,000 or less.”

Read more: http://boingboing.net/2017/04/14/innocents-make-easy-marks.html

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DEA Seized $3.2 Billion From People Since 2007 Without Charging Any Crime

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“Common red flags for passengers are ‘traveling to or from a known source city for drug trafficking, purchasing a ticket within 24 hours of travel, purchasing a ticket for a long flight with an immediate return, purchasing a one-way ticket, and traveling without checked luggage.’  DEA agents then detain and question travelers with large amounts of cash, and, if they determine the money is linked to drug activity, seize it, even if there is no hard evidence that it is connected to illegal activity. As the Inspector General notes, these agents ‘rely on their immediate, on-the-spot judgment.’ The passenger is then released, bereft of money but otherwise free to go.”

Read more: https://reason.com/blog/2017/03/29/the-dea-seized-4-billion-from-people-sin

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IRS Seized $17 Million From Innocent Business Owners Using Asset Forfeiture

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“The full scope of the cash seizures—and the overwhelming amount of cases involving innocent people—have not been revealed until now.  The inspector general found money seized and forfeited by the IRS was legally obtained in 91 percent of a sample of 278 structuring investigations it reviewed occurring between fiscal years 2012 and 2014. Altogether, those funds totalled $17.1 million and involved 231 cases.”

Read more: https://reason.com/blog/2017/04/04/irs-seized-17-million-from-innocent-busi

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The War on Money Laundering Is Causing the Wrong Kind of Casualties

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“To the extent that AML policies have had an impact, it’s been negative. In addition to high costs and inefficiency, the laws and regulations have disproportionately harmed poor people.”

Read more: https://danieljmitchell.wordpress.com/2017/01/31/the-governments-war-on-money-laundering-is-causing-the-wrong-kind-of-casualties/

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Venezuela Arrests Bitcoin Miners; Leading Bitcoin Exchange Shut Down

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“Venezuelan police have arrested eight bitcoin miners in the last two week, and the country’s leading bitcoin exchange announced yesterday that it’s suspending operations because its bank account was revoked. The recent spate of incidents is causing members of the country’s bitcoin community to take new measures to conceal their activities.”

Read more: http://reason.com/blog/2017/02/03/venezuela-surbitcoin-arrests-mining

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