APNU does not get it. And probably never will. There are serious reservations over the proposal by APNU to empower the police and custom officers to search, seize and detain sums found on an individual in excess of two million dollars. APNU has tried to address some of the concerns over this proposal by raising the limit to ten million dollars. In effect, they have made redundant their own new proposal, because as much as you may find someone moving a few million dollars at any one time, no one is likely to be seen moving around ten million dollars in cash. APNU’s newest amendment will therefore never be enforced, because it caters for an outlier situation. But APNU misses the real point, and probably will always miss it. It is not the threshold that is important. The issue is the criminalizing of the possession of currency, be it two million dollars or ten million dollars. The issue is about any law determining how much money you should walk around with. APNU’s latest proposal is not going to help to interdict any money launderer. It will only lead to harassment of citizens by the police. This is because that proposal is based on a less than thorough understanding of the purpose of anti-money laundering legislation and the ways and means through which the bulk of funds are laundered in an economy.
Posted on: Fri, 07 Mar 2014 15:17:03 +0000
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