Financial Martial Law
ZeroHedge.com Jul 15, 2017 1:35 PM Authored by Chris Lowe via InternationalMan.com, Already, as an American, you are not free to spend your money as you see fit. JPMorgan Chase - the country’s biggest bank—has banned cash payments for credit card debt, mortgages, and car loans. It has also banned the storage of “any cash or coins” in safe deposit boxes. Bank Secrecy Act Regulations Explained By Bonner & Partners analyst Joe Withrow The Bank Secrecy Act (BSA) requires US financial institutions to assist federal agencies in preventing money laundering. All financial institutions are required by law to keep records of all financial activity, including cash purchases of “negotiable instruments”—checks, money orders, etc. These records are open to government inspection at any time. They are also subject to periodic audits by both federal and state governments. All financial institutions must immediately file a Suspicious Activity Report (SAR) with the federal government whenever a customer engages in transactions the institutions deem strange or inconsistent with normal behavior. This is open to interpretation. There are also specific BSA regulations requiring financial institutions to file government reports. They are:
Under the Bank Secrecy Act, if you withdraw $10,000 or more in a day, your bank is required to file something called a Currency Transaction Report with the Financial Crimes Enforcement Network (FinCEN). This is a special bureau within the Department of the Treasury that’s tasked with combatting money laundering, terrorist financing, and other financial crimes. And your bank is required to file something called a Suspicious Activity Report with FinCEN if it believes you are trying to avoid triggering a Currency Transaction Report by withdrawing smaller cash amounts. This puts all cash withdrawals under the microscope. Taking out cash from the bank isn’t the only activity the government deems suspicious. Other actions that will trigger a report being filed with the feds include: depositing $10,000 or more in cash with your bank… a foreign exchange transaction worth $10,000 or more… taking more than $10,000 in cash into or out of the US… receiving more than $10,000 in cash in a single payment as a business… or having more than $10,000 in accounts outside the US during a calendar year. And even if you manage to get your cash out of your bank, having it on your person also makes you a target of the authorities. Under civil asset forfeiture laws, police and federal agents can confiscate any cash you might have on you if they merely suspect it was involved in a crime. They don’t need to bring criminal charges against you or prove any wrongdoing. And they can keep any seized cash for themselves. According to The Washington Post, since 2007, the DEA alone has seized more $3.2 billion in cash from Americans in cases where no civil or criminal charges were brought against the owners of the cash. And forget about opening up a bank account offshore to diversify your risk of these kinds of clampdowns. The Foreign Account Tax Compliance Act, or FATCA, became law in 2010. It imposes a lot of red tape on foreign banks with US clients. And the costs of complying with all this red tape means opening up bank accounts for Americans no longer justifies the benefits of overseas banks. As a result, it’s now extremely difficult for Americans to open accounts overseas. It’s de facto capital control, even if the government won’t admit it. * * * Capital controls are a telling sign… The feds know an epic crisis is brewing. And they want to trap your money before you have time to protect it. They know the coming crisis will hit everything—your portfolio, your bank account… even the cash in your wallet. Of course, America has seen plenty of crises before. But this time is different. The source of unrest today is not the free market, race, the 1%, or President Trump. It’s a truth about America no one wants to tell you.
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