WASHINGTON – In the name of fighting terrorism financing, a new U.S. Senate bill threatens to force private corporations to monitor your financial activity and empowers government to seize all your assets if you fail to comply with the new law.
Even failure to fill out one form is license for the federal government to take everything you have.
Sponsored by Sens. Chuck Grassley, R-Iowa, Dianne Feinstein, D-Calif., John Cornyn, R-Texas, and Sheldon Whitehouse, D-R.I., Senate Bill 1241, “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017,” was introduced last month and represents what some financial experts say is a new assault on cash and digital currencies.
Proponents say it’s needed to fight criminal and terrorist money laundering efforts, yet the banking institutions that will be given orders to look for evidence are themselves the primary architects of the schemes that make this activity profitable on a massive scale.
“If the bill becomes law, Americans would be subject to a whole host of government intrusions. One little slip-up would open a Pandora’s box of governmental inquiry into your financial life,” says Peter Reagan, a financial-market strategist at Birch Gold Group. “For example, failing to complete a single reporting form would result in the government being granted abilities to freeze and seize not just a portion, but the entirety, of your assets. The bill even goes so far as to include the contents of safety-deposit boxes.”
As the bill stands today, precious-metals holdings are not covered under the required declarations. Most other ‘monetary instruments’ would be locked down tight.
“The war on cash and financial autonomy has been underway for some time,” says Reagan. “But this bill would solidify a serious loss of freedom we’ve been fearing for years.”.... [READ MORE]