There are so many reasons why the CTA is idiotic.
First, there are already dozens and dozens of “anti-money laundering” (AML) laws, rules, and regulations on the books. Seriously, it’s an absurd amount. Banks have entire offices full of people who do nothing all day but comply with the countless AML rules.
AML rules are why it feels like getting a colonoscopy just to open up a savings account. Or why it’s so difficult to withdraw a few thousand dollars in cash from the bank.
Even crypto brokerages like Coinbase force their customers to jump through ridiculous hoops– like sending them a selfie-photo of you holding up your driver’s license– all in the name of AML compliance.
Well apparently, the existing laws haven’t done a bit of good… because, at least according to the federal government, money laundering is still a huge problem.
So rather than repeal the old, outdated, ineffective AML laws that are already on the books, they added yet another law (the CTA) to the already gargantuan pile.
Well, the joke is on us! The laws do not affect the criminals but they affect only honest business people, not the ones laundering all that drug money through their little LLC. Just like guns and criminals, only the honest people comply, the criminals ignore the laws that’s why they are called criminals, isn’t it? So, once again ineffective laws by legislatures too dumb to know that but smart enough to crush us.