Anti-Money Laundering (AML) Policies are Costly and Ineffective
I TOLD YOU SO: IDB SAYS ANTI-MONEYLAUNDERING REGIMES ARE INEFFECTIVE!
Nassau, NP, The Bahamas
Since 1998, as advisor to the late great Pierre Diarier - then Chairman of the Swiss Private Bankers Association - I travelled the world (more than 100 countries) explaining that:
1. The OECD Tax Competition Initiative was bogus and unconstitutional
2. The OECD has zero authority; is not an international organisation in international law; nor was its spawn the FATF
3. European Union anti-tax competition initiatives were fiats, undermining the multilateral system
4. Tax advoidance is legal and is every individual’s duty to himself
5. Tax Information Exchange Agreements (TIEA) were bogus, unconstitutional and secured by threats and so a violation of the Vienna Convention on Treaties 1969
6. Automatic Information Exchange was a breach of humanrights, inconsistent with any legitimate legal thesis, and replaced judicial authority with administrative tyranny
7. Small states should shed their mortal cowardice, and leverage the multilateral system to demand universal regulations consistent with a rule-governed world; which the late great Eric Crutchley of #Cayman National Bank had the courage to fund
8. The U.S. and U.K. were and are the largest financial centres and the G20 are where 90% of financial crimes are committed
9. The entire AML regime showed a retarded lack of understanding of global money aggregates and the logistics of money movement
10. Small International Financial Centres (IFC) should form an Organisation of International FinancialCentres to research and advocate globally
Of course, governments of every sort whispered to me that I was right, yet few acted to counteract this global junta, issuing its fiats, stealing data from small jurisdictions only, whilst issuing onesided blacklists, greylists and whitelists - each one more bogus than the other - offending every principle of statistical categorisation.
Now the IDB says it’s all bogus: As in the past IFCs will rejoice without admitting their enabling cowardice. But the powerful don’t retreat without purpose. That the IDB is making such a bold statement against an AML regime in which billions were wasted and careers were ruined, means the new strategy is not merely afoot, but ‘they’ have devised a means for control and dominance already. And that is their duty to ride Donkeys where they find them. It’s our jobs not to continue being the Donkey!
I warned about capitulating from fear rather than from/with strategy; as if our brains stopped when we finished at the same universities with those seeking to impose nonsense upon us.
Now again, as I warned in 1998, I warn here: THIS IS THE FRONT END OF CENTRAL BANK DIGITAL CURRENCIES and AML will be replaced by surveillance.
Therefore, IFCs should launch a comprehensive study - resulting in a White Paper - on “Constitutional Modelling of CBDC” and instead of reacting to global initiatives, cultivate a mandate for the future as responsible members of the global community!
