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On Thu, Mar 03, 2011 at 09:47:59AM +0000, tom wrote: > Your missing the point. Money is almost completely traceable within > most of Europe,the US etc - the standard banking systems. When it > gets to unaccountable places - secret bank accounts etc NOT visa et > all which are traceable- then its origins and destination are > suspect. If electronic transfers to/from these accounts were made > illegal it wouldnât stop a single piece of legitimate trade. Money laundering is a HUGE business: particularly within the West and works on making money untraceable. Credit cards are used, as are bank accounts, and a lot of other areas as well. http://www.fatf-gafi.org The International Monetary Fund, for example, has stated in 1996 that the aggregate size of money laundering in the world could be somewhere between two and five percent of the worldâs gross domestic product. > Its not going to stop people moving suitcase loads of cash around > but could make for some interesting hijacks. > I've been offered jobs by 'legitemate' UK companies where most of > the salary was paid in the Caymans to avoid UK tax. I've no problems > with traceable 3rd neutral party countries being used for banking > but there is no good reason to continue to allow transfers to and > from untraceable accounts. The old argument: Tax Evasion is rightfully illegal, tax avoidance (ISA, pensions etc ) is not. The problem is with the grey area in the middle. You then have the old problem with "traceability": who is tracing? An individual? A country's court? A respectable Government? A nasty bunch of lunatics who want to make someones life a misery? Whose Court must decide? (And look at the current problems with the European Arrest Warrants, or the US-UK extradition treaty) I accept parts of the current system are wrong and should be changed but any change should be well thought out. I prefer to live in a society where it is more important for a guilty person to go free, than in a society where all guilty persons are jailed and some innocents. -- Henry Photocopies or faxes of my signature are not binding. This email has been signed with an electronic signature in accordance with subsection 7(3) of the Electronic Communications Act 2000. Digital Key Signature: GPG RSA 0xFB447AA1 or 0x3184D537 Thu Mar 3 10:13:29 GMT 2011
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