Recently a new bill was introduced on the floor of the US Senate entitled, pleasantly, Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017. The title sounds like a good thing but reading the contents of the bill will quickly change your mind. Sadly, it doesn’t seem to do much to combat terrorism and does very little to combat money laundering or counterfeiting. Instead, it gives the government broad new powers to spy on your finances and even includes the authority for the government to seize not just any money you didn’t report, but also ALL of your assets and bank accounts.
The crime? Owning too much cash.
Simon Black is a prolific blogger who often writes about government encroachment on personal liberties and privacy, amongst other topics. His latest blog entry describes an attempt to pass legislation that will penalize you failing to fill out a new form if you happen to be transporting more than $10,000 in cash or other ‘monetary instruments’ or if you purchase (unreported) cryptocurrency, prepaid credit cards, prepaid cell phones, prepaid retail gift cards, or prepaid coupons.
If found guilty of any of these “crimes,” you could be sentenced for up to TEN years in prison.
This bill also gives government agencies new authority to engage in surveillance and wiretapping (including phone, email, etc.) if they have even a hint of suspicion that you might be transporting excess ‘monetary instruments’. While the proposed bill is entitled Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017, there seems to be nothing in this bill is about keeping people safe.
If this proposed legislation is passed, Big Brother will be watching you more than ever before.
You can read You won’t believe this stupid new law against Cash and Bitcoin by Simon Black at: http://bit.ly/2rwzqAh.
The full text of the proposed legislation introduced by Sen. Grassley, Chuck [R-IA] in the Congress.gov web site at: https://www.congress.gov/bill/115th-congress/senate-bill/1241/text
Categories: Legal Affairs