Scrutable

It’s the leak that reveals the secrets of British banking. Panorama uncovers secret reports that expose how banks have failed to tackle crime and how terrorists, money launderers and crime bosses are able to use the same banks as us. Reporter Richard Bilton also exposes the double life of the man who funded the Brexit Party, secret deals at the top of British football and the business deals billionaires would rather you didn’t know about.

Bird on a Fire wrote: Sun Sep 20, 2020 5:59 pm So, basically all the banks knowingly help criminals move the proceeds of crime and avoid sanctions, and authorities are unable or unwilling to stop them. $2 trillion in this batch of leaks, which is by no means complete.

Cool cool cool.

Eta link https://www.bbc.com/news/uk-54226107

Millennie Al wrote: Wed Sep 23, 2020 2:49 am

Bird on a Fire wrote: Sun Sep 20, 2020 5:59 pm So, basically all the banks knowingly help criminals move the proceeds of crime and avoid sanctions, and authorities are unable or unwilling to stop them. $2 trillion in this batch of leaks, which is by no means complete.

Cool cool cool.

Eta link https://www.bbc.com/news/uk-54226107

Maybe they do, but the story at that link certainly does not say so. Instead it says that banks are reporting suspicions. I would hope that you do not think that banks should take upon themselves to the role of police in investigating crimes. Do you think that if Tesco thinks a shopper has tried to pay with a forged note that Tesco should investigate and ban that person or should Tesco call the police and let them investigate and then let the CPS prosecute and the courts determine guilt? Because one of the things which makes the modern world work so much more efficiently is specialisation - whereby different people and organisations have separate jobs that they can be much better at than everyone doing everything.

Far more worrying in that article should be the fact that it says that suspicions about dollar transations must be reported to the US. This is the typical US attitude that other countries don't matter and their rules must apply everywhere. Unless people are happy with Donald Trump getting to dictate how the world works, they should be opposing this system.

Millennie Al wrote: Wed Sep 23, 2020 2:49 am

Bird on a Fire wrote: Sun Sep 20, 2020 5:59 pm So, basically all the banks knowingly help criminals move the proceeds of crime and avoid sanctions, and authorities are unable or unwilling to stop them. $2 trillion in this batch of leaks, which is by no means complete.

Cool cool cool.

Eta link https://www.bbc.com/news/uk-54226107

Maybe they do, but the story at that link certainly does not say so. Instead it says that banks are reporting suspicions. I would hope that you do not think that banks should take upon themselves to the role of police in investigating crimes. Do you think that if Tesco thinks a shopper has tried to pay with a forged note that Tesco should investigate and ban that person or should Tesco call the police and let them investigate and then let the CPS prosecute and the courts determine guilt? Because one of the things which makes the modern world work so much more efficiently is specialisation - whereby different people and organisations have separate jobs that they can be much better at than everyone doing everything.

Woodchopper wrote: Thu Sep 24, 2020 9:51 am

Millennie Al wrote: Wed Sep 23, 2020 2:49 am

Bird on a Fire wrote: Sun Sep 20, 2020 5:59 pm So, basically all the banks knowingly help criminals move the proceeds of crime and avoid sanctions, and authorities are unable or unwilling to stop them. $2 trillion in this batch of leaks, which is by no means complete.

Cool cool cool.

Eta link https://www.bbc.com/news/uk-54226107

Maybe they do, but the story at that link certainly does not say so. Instead it says that banks are reporting suspicions. I would hope that you do not think that banks should take upon themselves to the role of police in investigating crimes. Do you think that if Tesco thinks a shopper has tried to pay with a forged note that Tesco should investigate and ban that person or should Tesco call the police and let them investigate and then let the CPS prosecute and the courts determine guilt? Because one of the things which makes the modern world work so much more efficiently is specialisation - whereby different people and organisations have separate jobs that they can be much better at than everyone doing everything.

Its not unusual for private companies to be expected to enforce the law. For example, Tesco is expected to enforce laws on purchasing alcohol (including banning customers).

Millennie Al wrote: Sun Sep 27, 2020 3:53 am

Woodchopper wrote: Thu Sep 24, 2020 9:51 am

Millennie Al wrote: Wed Sep 23, 2020 2:49 am

Maybe they do, but the story at that link certainly does not say so. Instead it says that banks are reporting suspicions. I would hope that you do not think that banks should take upon themselves to the role of police in investigating crimes. Do you think that if Tesco thinks a shopper has tried to pay with a forged note that Tesco should investigate and ban that person or should Tesco call the police and let them investigate and then let the CPS prosecute and the courts determine guilt? Because one of the things which makes the modern world work so much more efficiently is specialisation - whereby different people and organisations have separate jobs that they can be much better at than everyone doing everything.

Its not unusual for private companies to be expected to enforce the law. For example, Tesco is expected to enforce laws on purchasing alcohol (including banning customers).

If Tesco are required to refuse to serve a customer based only on a suspicion, then that's just wrong. What happend to innocent until proven guilty?

lpm wrote: Sun Sep 27, 2020 11:00 am Know Your Customer is a boringly commonplace principle. Many capitalist enterprises are regulated in this way, as Woodchopper pointed out - either by direct regulation law or by voluntary codes of practice that have been negotiated.

Banks aren't allowed to lend money to anyone who asks, mobile phone companies are banned from letting everyone buy an iPhone on two year contracts, casinos are required to identify problem gamblers, solicitors must watch for laundering, recruitment consultants have to watch for discrimination.

A country is too big a thing to be run by government.