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The US tried to stop cartel money-laundering; devastated mom-and-pop businesses

theguardian.com

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Re: The US tried to stop cartel money-laundering; devastated mom-and-pop businesses

#161

Post by TMWNN »

amanaplanacanal wrote: post #153
TMWNN wrote: post #100

Earlier quoted context omitted.

>Either all of Mexico can move to the US (probably not a winning solution) Indeed, it is not. But not for lack of trying. The biggest migration in history is the 10% of Mexico that has moved to the US since 1970. https://www.reddit.com/r/dataisbeautiful/comments/1trqnn8/he... > As of 2024, 11 million Mexican-born people live in the US. https://ourworldindata.org/where-do-migrants-live-and-where-... >

Fron what I can tell, immigration levels right now are about the same as they were in the late 19th century, when a lot of our great grandparents first came to the US. At that time, the scare was about the Chinese, as opposed to brown people from South of the border.

> Fron what I can tell, immigration levels right now are about the same as they were in the late 19th century, when a lot of our great grandparents first came to the US.

... and which, in turn, led to the Immigration Act of 1924, which gave the US 40 years of relief from the influx to integrate the existing population. We need another such.

Re: The US tried to stop cartel money-laundering; devastated mom-and-pop businesses

#162

Post by OutOfHere »

bulbar wrote: post #99
OutOfHere wrote: post #33

Money laundering is an absurd concept. People should be free to transfer money to whoever they like, without permission. It is a fundamental purpose of money. To deny this purpose puts the validity of particular money into question. Putting up fences results in a very high rate of false positives. No wonder people use crypto as they should. If you want to go after cartels, then actually go after cartels. That's not w…

Money laundering is about hiding illegal actions by faking the source of the money. Generally speaking, it makes sense to me that a society wants to make that difficult.

If the underlying action is illegal, then go after the underlying action, LOL. How many millions of innocents have to suffer for one crook to be caught?

To use your own words back at you, generally speaking, it makes sense that a society wants to make the lives of its citizens easier, not more convoluted.

The truth about money laundering is a label used by the government to repress innocent individuals by burdening them under regulations.

Re: The US tried to stop cartel money-laundering; devastated mom-and-pop businesses

#163

Post by phoghed »

pirates wrote: post #139
Freedumbs wrote: post #67

Earlier quoted context omitted.

This is 100% true and also a tactic used by PNC when I was a near zero person. The hack around it was to try to withdraw cash, then use that. They wouldn't let you overdraft cash withdrawal. That's one anecdotal likely stale trick to avoid the traps they set.

Interesting, PNC has never once done anything like this to me. In fact I feel that they are pretty up front about telling you what you have available and what your actual balance is.

It’s generally not something you’d notice if you’re not living on the edge of $0 balance. I’d be surprised if any banks are still doing it after the bofa settlement.

Re: The US tried to stop cartel money-laundering; devastated mom-and-pop businesses

#164

Post by Freedumbs »

pirates wrote: post #139
Freedumbs wrote: post #67

Earlier quoted context omitted.

This is 100% true and also a tactic used by PNC when I was a near zero person. The hack around it was to try to withdraw cash, then use that. They wouldn't let you overdraft cash withdrawal. That's one anecdotal likely stale trick to avoid the traps they set.

Interesting, PNC has never once done anything like this to me. In fact I feel that they are pretty up front about telling you what you have available and what your actual balance is.

They were supposed to stop doing it 10 or so years ago. No clue if that's true. Haven't been the zero person for a while.

Re: The US tried to stop cartel money-laundering; devastated mom-and-pop businesses

#165

Post by asdff »

burger_moon wrote: post #28

He's also making it difficult/impossible for people without work visas to obtain auto loans which is destroying the used car market in latino communities and cities with large latino populations. Executive Order 14406 defends this with, > Low-dollar cross-border funds transfers have been used to facilitate or commit terrorist financing, narcotics trafficking, human trafficking, and other illegal activity. They're ban…

Interestingly in my latino city the used car dealers catering to low income people have worked around the lack of credit for their clientelle. They will for example use proof of employment as your "credit" for financing plans rather than traditional bank metrics. This will usually be written directly on the building in spanish.

Re: The US tried to stop cartel money-laundering; devastated mom-and-pop businesses

#166

Post by gusgus01 »

vorpalhex wrote: post #110
driverdan wrote: post #84

Earlier quoted context omitted.

What you're suggesting is that all Mexicans suffer more because some money may somehow end up in the hands of the cartel. And that, for some reason, the US should help do this. That's absurd. If you really want to eliminate the cartels make recreational drugs legal.

You give your sister $100. You find out later that she uses $50 of that money to buy heroin and inject it in herself. Do you keep giving her the $100? Absolutely not! This isn't even a real question. If you directly enable a person or group of people or country to harm themselves and others, you have a duty to stop doing it. If US remittances are directly fueling the cartel which beats, rapes, murders and even engage…

You pay taxes in the US? You are directly enabling a country to harm others.

You ever buy a phone? You are directly enabling a chain of groups to harm people (in the name of creating that phone).

You ever give a dollar to a homeless man? You might be directly contributing to them harming themselves (or possibly just letting them buy food/drink).

Heck even your example about your sister, I think some people would argue that it's still the moral choice.

Clearly there's a spectrum here. Black and white thinking and statements aren't helping and shouldn't be the basis for policy decisions.

Re: The US tried to stop cartel money-laundering; devastated mom-and-pop businesses

#167

Post by asdff »

gruez wrote: post #151
xboxnolifes wrote: post #147

Earlier quoted context omitted.

That's the breaking the law part.

Source? I've heard of companies hiring undocumented workers, but that's not the same as knowingly hiring them, or failing to do checks. For instance, the workers could have used stolen/forged SSNs.

They are supposed to be using e-verify for that

Re: The US tried to stop cartel money-laundering; devastated mom-and-pop businesses

#168

Post by asdff »

MSFT_Edging wrote: post #48
gruez wrote: post #36

Earlier quoted context omitted.

>He's also making it difficult/impossible for people without work visas to obtain auto loans [...] >They're banging the national security drum to make it unlivable here for some. But they're not supposed to be here in the first place? As for the people who are supposed to be here, but are collateral damage (ie. "which is destroying the used car market in latino communities") should we have sympathy for people in such…

Whether or not they're "supposed" to be here, they've been an integral part of the US economy for decades. It's cutting off your nose to spite your face.

Yeah, cat is out of the bag now. Something like 1/10 workers in California are undocumented and you can be sure it is heavily biased for certain industries. Imagine the implications of some industry losing lets say half its workforce overnight. That would be like a COVID level shock in output and in all likelihood the industry would collapse vs somehow pull needed labor in a quick amount of time, and from where exactly, who knows? National unemployment rate is only 4% not like there is much spare labor capacity.

Re: The US tried to stop cartel money-laundering; devastated mom-and-pop businesses

#169

Post by mcv »

nitwit005 wrote: post #154
Krypto26 wrote: post #38

My question is , why don't these people have bank accounts?

> With the changes, people became reluctant to make these transactions, Ornelas said, because they worry it will open them up for government surveillance or targeting by immigration authorities in the current intensified enforcement. Presumably, because it's hard to get a bank account in a country you aren't supposed to be in.

What about bank accounts from the country they're from?

Re: The US tried to stop cartel money-laundering; devastated mom-and-pop businesses

#170

Post by asdff »

gamblor956 wrote: post #97
sherburt3 wrote: post #75

Earlier quoted context omitted.

That already happened: https://www.cnn.com/2022/08/08/politics/mar-a-lago-search-wa...

No, they used the existing system of due process to investigate whether crimes were committed at Mar-a-Lago. They didn't claim national security to shut it down.

They should have when that photo of bankers boxes worth of documents stacked up in a bathroom was released. Oh "but her emails!"
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