Financial Martial Law

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:

 

  • Currency Transaction Report (CTR): A CTR must be filed for each deposit, withdrawal, exchange of currency, or other payment or transfer by, through, or to a financial institution that involves a transaction in currency of more than $10,000. Multiple currency transactions must be treated as a single transaction if the financial institution has knowledge that: (a) they are conducted by or on behalf of the same person and (b) they result in cash received or disbursed by the financial institution of more than $10,000.
  • Report of International Transportation of Currency or Monetary Instruments (CMIR): Each person (including a bank) who physically transports, mails, or ships, or causes to be physically transported, mailed, shipped, or received currency, traveler’s checks, and certain other monetary instruments in an aggregate amount exceeding $10,000 into or out of the US must file a CMIR.
  • Report of Foreign Bank and Financial Accounts (FBAR): Each person (including a bank) subject to the jurisdiction of the United States having an interest in, signature, or other authority over one or more bank, securities, or other financial accounts in a foreign country must file an FBAR if the aggregate value of such accounts at any point in a calendar year exceeds $10,000. A recent district court case in the 10th Circuit has significantly expanded the definition of “interest in” and “other authority.”
  • Designation of Exempt Person: Banks must file this form to designate an exempt customer for the purpose of CTR reporting under the BSA. In addition, banks use this form biennially (every two years) to renew exemptions for eligible non-listed businesses and payroll customers.

 

There are also plenty of regulations about opening a bank account in the US…

 

  • Form W-9 Request for Taxpayer Identification Number and Certification: Applicants must be able to provide a taxpayer ID and certify under penalty of perjury that their ID is correct. The bank is required to enforce the IRS’s “backup withholding” rule if applicable. This means it must withhold customer funds if the IRS determines that you failed to provide a valid taxpayer identification number or failed to pay taxes on 1099 income.
  • Identification Requirements: Applicants must provide their name, permanent address, taxpayer identification number, and date of birth to verify their identity. Applicants must also submit a valid driver’s license, state ID, passport, or other primary identification documents.
  • Office of Assets Control (OFAC) Compliance: The bank must make sure the applicant is not on OFAC’s prohibited individuals list. This list includes individuals who have engaged in transactions with governments or individuals located in Cuba, Burma, Myanmar, Iran, and Sudan.
  • Unlawful Transactions: Applicants must certify that their account will not be used for internet gambling or any other illegal activity.

And all US banks now view large cash withdrawals as suspicious.

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.

And 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. Click here to learn more.

Comments

Grandad Grumps Sat, 07/15/2017 - 13:44 Permalink

JP Morgan should not exist.

What does the phrase: "This note is legal tender for all debts, public and private" mean in reference to JP Morgan?

Does it mean that JP Morgan is doing something illegal according to the US government and should be prosecuted to the full extent of the law?

Does it mean that they have more power than the US government and does not care about currency laws or any law for that matter ... because Jamie Dimon is "richer than you"?

Seems that the US government shold be doing something to stop this. WTF is the government good for anyway?

skbull44 Overfed Sat, 07/15/2017 - 19:26 Permalink

"...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...."

$10,000? If I try to take more than $2,000 out of my Canadian bank, I've been told by bank staff that have to fill out government forms and I would have to give them 24 hours notice.

In reply to by Overfed

44magnum Grandad Grumps Sat, 07/15/2017 - 15:08 Permalink

Financial Martial LawWhy hasn't the military rounded up the financial terrorists? Martial law gives the government the right to arrest and hold indefinitely, no rights to see a lawyer. Send them to Guantanamo,  should take only a year to clean Banksters out of the system. Then the hangings can commence. New money system in place no CON men.

In reply to by Grandad Grumps

earleflorida Swamp Yankee Sat, 07/15/2017 - 15:18 Permalink

many times going to the supermarkets,... i've seen individuals getting $9,500.00 money (MoneyGrams[Well Fargo?] Money Orders) orders with no questions asked accept other than a forwarding address and proof of said sender presenting id --- as going out of country of originnote: i queried the cashier about the cut-off $10K and she smiled and went about her choirs (never happens), moments later remarking they get $9,999.00 to $9,999.99 just for the laughs

In reply to by Swamp Yankee

Ms No Sat, 07/15/2017 - 13:47 Permalink

That's okay.  When they bring about the next great depression they will be on pikes.  They wont be getting away with that again.  Too many people know it's just a matter of the population feeling the pain and responding.  The bed shitting coked up Bolshevik psychopaths will finally pay for what they have done, for centuries. 

earleflorida gregga777 Sat, 07/15/2017 - 15:41 Permalink

you mean the true inhabitants called canaanites/phillistinians and not the Tatars from the Urals in southern russia (between the Don and Volga rivers--- think Kazakhstanians short for Khazarsthere hasn't been a true hebrew via actual ancestry in israel/palestine for ~1800 yrs they all ended up in eastern europe--- and ironically it was the indigenous arabs that protected what few there were from further slaughter

In reply to by gregga777

caconhma earleflorida Sat, 07/15/2017 - 18:24 Permalink

It is not that simple. Today, even analyzing DNA, it is not clear who are and who are not "real" jews. Jews are connected by religion not by ancestry. The same is with Catholics, Muslims, etc.,The ancient Hebrews had 12 branches. Today, only two are known. What happened to the rest 10 is a big enigma. Zionist leaders are playing the old NAZI game of creating a super race with a total loyalty of an average "Jews" to the Zionist leadership. The same game was played by Romans almost 2,500 years ago. Only Romans created one of the best known civilization. However, Jews never created any civilization. At the same time, Jews historically were expelled from many country for their subversive activities.It is well known that the ancient Egyptians were of European's ancestry. The present Arabs and Egyptians have nothing to do with ancient Egyptians. It is the same as there are no any connections between Romans and today Italians.Finally, the old ancient saying: "Any Religion is Slavery!"

In reply to by earleflorida

kochevnik earleflorida Sat, 07/15/2017 - 18:35 Permalink

Urals is mixture of ethnicity.  My gf has Muslim father and christian mother, and mother converted from Judaism.  Tatars in Russia now are Muslim and speak Tatar language.  Khazaria was safe house for many religions, similar to Rome in that way.  After Rus regained land many scattered.  Tatars have their own autonomous state Tatarstan inside Russia

In reply to by earleflorida

Common_Law gregga777 Sat, 07/15/2017 - 17:14 Permalink

It's not just the nukes the US is afraid of it's those longitudinal wave weapons that scare the shit out of the people aware of them. Lenin made sure to one up nukes as soon as he knew they worked.And if you stick almost all Russian scientists in one town ship in all western research, and tell them they die if they don't discover the next great weapon magic things happen.

In reply to by gregga777

HillaryOdor skunzie Sat, 07/15/2017 - 14:55 Permalink

My neighbors are the ones who caused this.  By rolling their eyes and calling me a conspiracy theorist for claiming we're getting screwed over by the government and sticking their head in the sand, they have allowed this to happen, caused it really.  I don't even blame the politicians anymore.  When the SHTF it's every man for himself.  I now respect the lying politicians more than I do the general public.  I hope they all get what they deserve.

In reply to by skunzie

jaxville Ms No Sat, 07/15/2017 - 15:09 Permalink

  I truly hope you and right and we see this sooner than later.  For now it is another reason to get your wealth out of the financial sector.  Your investments must either be directly registered or the actual certificates/bonds/ held personally. So too should your savings, especially those in precious metals.   We must bank like the Romans (and other prebank civilizations) did.  A sturdy container buried or well concealed, best out of your residence.  If all your dough is in various financial vehicles you must consider how you will get your wealth out of them.  Money orders and other transfers outside of actual cash can easily be restricted or halted. This time of restrictions on cash can easily morph into prohibitions on sale of funds or equities in whatever the powers that be deem to be an emergency.  The credit based currency system is finished.  The massive levels of debt that system has created can long longer be serviced through conventional means.  More novel short term solutions will be advanced and each will lead to more dis functionality. All that is holding it together is the inertia of many years of misplaced confidence and the force of government.  That system is crucial for the exercising or purchase of power by those who really rule.  They are not going to let it go easily. If it becomes expedient to lock or seize all your wealth........   Jim Sinclair hit the nail on the head when he coined GOTS.  Get out of the system.  

In reply to by Ms No

gregga777 Sat, 07/15/2017 - 13:53 Permalink

Get your assets out of the banks and into your grubby little hands BEFORE the SHTF!  It'll be way too late after the excrement hits the fan blades.  By the way, Goldman Sachs Feral Reserve System Notes are not assets.  Gold and silver, brass and copper-jacketed lead are assets.  

OverTheHedge gregga777 Sat, 07/15/2017 - 14:39 Permalink

I've been living like this for years: cash wherever possible, never put money in the bank, any income that goes into a bank gets taken out as soon as possible. It helps that, living in Greece, I have been subject to capital controls for years. It doesn't hurt a bit :-)Of course, the government does everything it can to make life difficult, but that is what government is for.Try and spend your money locally; it might cost you more now, but being an important customer may earn you brownie points later, when there are limited supplies. Amazon won't give a shit how much you spent with them over the last few years, but your local greengrocer / butcher / farmer might. 

In reply to by gregga777

Lost in translation Sat, 07/15/2017 - 13:58 Permalink

I don't carry large amounts of cash. Because I don't have much money, anyway.

But when I carry anything valuable I also carry loaded weapons and, since I fear incarceration far more than death, anyone with a badge attempting to confiscate my valuables will meet God rather quickly. We'll go see Him, together.

gregga777 Sat, 07/15/2017 - 13:57 Permalink

The probability that the current and previous two chairman of the Goldman Sachs Feral Reserve System would be Jews, based on their general distribution of 2% of the American population is: p = (1/50) * (1/50) * (1/50) = 0.02 * 0.02 * 0.02  = 0.000008or 8 in 1 million.   See?  The game is rigged against us by the you know who's.