A new bill passing through the U.S. Senate will allow the government to block citizens from buying or selling anything if they suspect unusual financial activity.
Under the guise of fighting terrorism financing, the new law will force private corporations to monitor every single U.S. citizens’ financial activity – and allows the government to seize a persons assets if they suspect that person of financial wrongdoing.
Sponsored by Sens. Chuck Grassley, R-Iowa, Dianne Feinstein, D-Calif., John Cornyn, R-Texas, and Sheldon Whitehouse, D-R.I., Senate Bill 1241, “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017,” was introduced last month and represents what some financial experts say is a new assault on cash and digital currencies.
Proponents say it’s needed to fight criminal and terrorist money laundering efforts, yet the banking institutions that will be given orders to look for evidence are themselves the primary architects of the schemes that make this activity profitable on a massive scale.
I am reading through the bill itself, and I am having a hard time verifying the claims in the video. However, just reading through it, there are some parts that automatically rubbed me the wrong way. Especially since it seems to target smaller scaled businesses.
Also, that it does not affect anything related to the government.
To begin with, I am quite leery on this expansion using the threat of terrorism once more. The Government has expanded and created power-grabs through such an excuse, and as such, things like this deserve scrutiny.
Please advise, since I am still trying to figure things out here as well.
On Edit(Been doing a bit more research):
- It looks like it will be used to ensure that all assets are registered.
- It seems geared towards ensuring that even BitCoin transactions are monitored.
- It is meant to prohibit the exchange of goods that are under the table.
- It looks like it will create a government assisted “Privatized” industry that will check on all your assets, be it foreign or domestic
Again, such things are no big deal to those who are already well established, such as corporations and 1%ers, but could ruin an individual easily, if they mess up with documentation.
Video by Screen Hoopla