EU and UK version (** I have previously posted on Venezuela, Iran and others using this blog title)
'Fascism should more properly be called corporatism, since it is the merger of state and corporate power' – Benito Mussolini"Will Italy lead the way once more, as politicians in Europe and the US watch to see what oppressive policies they may get away with?" wrote IanPJ last week, writing about 'draconian' financial measures in Italy, "including making cash transactions of more than Euro 1,000 illegal (not subject to reporting – just plain illegal").
OK, that was bad enough but he has followed up with an astounding article today with info which - I am pretty sure - 99.99% of the population didn't know: "that Police already have the power in the UK to seize amounts in excess of £1000, using the slightest of suspicions as an excuse, for which you have to prove whose money it is, what it is for and where it came from." Ok, a thousand quid is a lot of cash you say, but under this legislation 'cash' refers to: all and any currency, Postal Orders, cheques of any kind, Bankers Drafts, Bearer Bonds etc, in other words, anything.
3 comments:
I have attended so many lectures on POCA and money laundering that I am in the 00.01% who did know.
Money laundering legislation is actually more draconian than POCA but a combination of the two has created such fear in business that cash transactions outside of food shopping or small transactions are actually on the way out and are discouraged through the encouragement of debit card useage.
It's a bit worrying. Most people imagine the multi-millions of ill-gotten gains of a blatant criminal (plus houses, yachts, cars etc) when they think of the power against money-laundering.
To a poor family £1,000 seems a lot but today that is really not such a large amount and two utility bills in my home can easily come out at that amount.
I think I read if you make a purchase in cash towards perhaps a car if it comes to £5,000 they have to inform the authorities that you've handed over such a wad of cash!
The real crooks are more clever than most of the public, if they were up to no good they'd know all the tricks...
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