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Switzerland will release bank account numbers to foreign financial police

“Switzerland will cooperate more closely on fighting money laundering, the Swiss body responsible said on Wednesday, marking a further loosening of bank secrecy a day after the country signed an accord to fight tax evasion. In legislation that will come into force on November 1, the Bern-based Money Laundering Reporting Office (MROS) said that Swiss authorities will be able to release the numbers of bank accounts opened in the country to foreign investigators. A day earlier, Switzerland, widely considered a tax haven and long criticized for its secretive banking culture, signed an international agreement to exchange information among more than 60 countries aimed at exposing tax dodgers.” Continue reading →

Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers

“Numerous business customers with Chase BusinessSelect Checking and Chase BusinessClassic accounts have received letters over the past week informing them that cash activity (both deposits and withdrawals) will be limited to a $50,000 total per statement cycle from November 17 onwards. The move to limit deposits and withdrawals while banning international wire transfers altogether is a bizarre policy and will cripple many small and medium-sized businesses with Chase accounts. Buying stock from abroad in any kind of quantity will now become impossible for many companies, while paying employees will also be a headache.” Continue reading →

State, provincial regulators raise red flags on virtual currency

“Consumers may be headed for trouble when they turn over bank and brokerage pass codes to investment advisers or get pulled into investment scams involving digital currencies, state securities regulators said. The North American Securities Administrators Association said digital currencies, such as Bitcoin, offer consumers another way of paying for goods and services, but they also provide a ‘fertile ground for scam artists to capitalize on … (their) increasing popularity and acceptance.’ The association’s members include state and provincial regulators in the United States, Canada and Mexico.” Continue reading →

Lebanese banks tightening regulations in line with U.S. laws

“Lebanese banks Thursday assured the U.S. ambassador to Lebanon David Hale they were strengthening measures to combat all forms of money laundering, terrorist funding and tax evasion. ‘We are preparing, in collaboration with our international audit firm, a manual on AML and FATCA policies and procedures,’ Association of Banks in Lebanon President Francois Bassil told the ambassador. ‘It will be available very soon to all operating banks in Lebanon,’ he said, adding that this would allow for ‘a standardized and harmonized implementation of the new U.S. regulations.'” Continue reading →

Might India Confiscate the Gold of the Temples?

“If the financial woes of the Government worsen, as seems likely, the temptation will increase for them to tap into Temple resources at some point. Who the actual owners of the resources may be, is likely to become more blurred along the way. We are heading into a confiscatory era—a time when banks and governments reserve the right to go beyond the old method of taxation and to actually pillage the purse of the public. This has begun with bank accounts and pension funds in some countries, and, as the concept becomes a trend, it will take on many forms. Confiscation of temple, church, or synagogue funds may therefore soon be on the table in a variety of countries.” Continue reading →

‘Professor of Entrepreneurship’ at MIT Predicts a Bitcoin Backlash

“Simon Johnson, a professor of entrepreneurship at MIT’s Sloan School of Management, expects Bitcoin to face political pressure and aggressive lobbying from big banks because of its disruptive nature. Johnson says that Bitcoin’s success will draw increased attention from governments and regulators, who are used to having tight control over currencies. He believes they will be egged on by established financial institutions, which will likely seek to quash the currency. Bitcoin enables very rapid, cheap transfers and payments that could compete with existing fee-based ways of moving money around. ‘Any bankers watching this should be very afraid,’ said Johnson.” Continue reading →

Hillary’s contract killer, speaks up. We’ve all been waiting.

Former Hillary Associate Claims to Have Been Her Personal Hit Man… Admits to Killing for Money Like many Americans I have been glued to the Pete Santilli show today in an attempt to keep up to date with any updates on the truckers. That show is streaming live at http://www.ridefortheconstitution.org as I write this. There […]

Venezuelan Inflation Rate Tops 49 Percent

“Venezuela’s Central Bank says prices have risen nearly 50 percent since last September as the country struggles to rein in a quickening rate of inflation and widespread shortages. The country’s leftist government has spent heavily on social programs, rapidly increasing the amount of currency in circulation. It also tries to control prices while restricting access to bolivars at the official rate of exchange of 6.3 per dollar. That leads many to pay seven times as much for dollars on the black market. Officials say speculators are to blame for soaring prices and shortages. The inflation rate for 2012 was 20.1 percent.” Continue reading →