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Repeal most money laundering regulations

Comment 25th August 2010

Repeal all money laundering regulations which treat inherently legal actions as suspicious and requiring checks or proof of legality or reporting to the State.

Why does this matter?

This country has (had?) a culture of innocent until proven guilty and a court order (and some reasonable basic evidence) was required to allow the police/state to view personal information, your financial records etc.

 

This has now completely changed as can be seen from the stories of other people requesting a modification of the regs.

I have heard that the banks have to report almost every transaction involving cash to the government as the laws are so striclty written that they dare not NOT report as to do so could incur a huge fine.  We should instead have a legal system where nobody (least of all banks, solicitors etc) should be allowed to pass their client's information to any other person without a specific court order based upon some evidence of wrongdoing.

 

Similarly people should not have to prove their identity to carry out a transaction or action which is inherently legal eg open a bank account, pay in some cash, transfer some money etc etc.

 

Innocence unti proven guilty.

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