Debates Forum

Debates Forum

  1. Joined
    02 Jan '06
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    16 Nov '18 23:58
    @sh76 said
    Money laundering in the United States is punishable by up to 20 years in prison.

    https://www.law.cornell.edu/uscode/text/18/1956

    It is also punished more harshly than fraud with the same amount of subject money. (See Federal Sentencing Guidelines Section 2S1.1.)

    https://www.ussc.gov/guidelines

    It doesn't sound like they "condone money laundering" to me.
    You mean like the laws on immigration sh?
  2. Joined
    07 Dec '05
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    14798
    17 Nov '18 16:23
    @whodey said
    You mean like the laws on immigration sh?
    Good point. Illegal immigrants pay taxes they will not benefit from, but government will. It is condoned for a reason even if we disagree with it.

    Same thing with banks and money laundering.
  3. Subscriberkmax87
    Land of Free
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    19 Nov '18 11:10
    @wolfgang59 said
    Tell us how that works then.
    Okay I've watched it and it expands on hints and murmurings spoken by others earlier.

    In a nutshell as Britain saw the last vestiges of its Empire go down the gurgler, their never surrender plan B was to create tax havens in some of its last still remaining outposts of Empire. Exotic locations like the British Virgin Islands, were to become 'secrecy jurisdictions' a bit like what happens in Switzerland stays in Switzerland,...cuckoo!

    So the best part was that if you were incorporated and had offices in the City of London, you could offshore large amounts of money in these Tax Havens, ' secrecy jurisdictions', call them what you will, and use that money to fund, finance, sponsor, anything you wish without the inconvenience of the vat man sticking his nose in your business.

    As more and more financial institutions and blue chip companies herd about this, they made a bee line for the City of London to set up shop . Over time the City oversaw the financialisation of the British economy which in the 80's saw a boom in easy credit and the export of jobs from first world to developing world (China).

    The issue is, because the smart money set designed these jurisdictions to be as opaque as possible, it's virtually impossible to know who has what funnelled away where.

    The problem that the program points to is that all this quasi legal arrangements effectively rob the public purse and over time it gets harder for the Government to balance it's books and obligations and the services that tend to get cut first are usually health and education.

    That's about, but you could watch it and make up your own mind...
  4. Joined
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    19 Nov '18 14:23
    @kmax87 said
    The issue is, because the smart money set designed these jurisdictions to be as opaque as possible, it's virtually impossible to know who has what funnelled away where.
    It's hardly as if that is either a new or a controversial message. I don't see what people are getting worked up about.
    "City of London and Wall Street corrupt as hell" - and in the next bulletin, Queen Anne remains deceased.
  5. Joined
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    19 Nov '18 14:40
    @shallow-blue said
    It's hardly as if that is either a new or a controversial message. I don't see what people are getting worked up about.
    "City of London and Wall Street corrupt as hell" - and in the next bulletin, Queen Anne remains deceased.
    The corporate news media will not bring enough attention to it to change anything so I am. Until people talk about it more, apathy will prevail. That is why I am worked up about it.

    Did you read about the BCCI scandal? The corruption was astonishing.
  6. Standard memberXYYZ
    The 'Fett'
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    20 Nov '18 00:02
    @Metal-Brain
    Why doesn't the government pass legislation to legalize money laundering and then tax it? Congress has a well earned reputation of playing flip-flop with things that are illegal/legal.
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