Credit Suisse sheds nearly 25%, key backer says no more money

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by notch898a on Wednesday March 15, 2023 @02:27PM (#35172586)

A shocking idea would be to prosecute the source of the ill gotten gains, or the underlying crime, rather than imposing these AML externalities on other actors. After all, something is not money laundering if the funds were legitimate to begin with.

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Re:Credit Suisse sheds nearly 25%, key backer says no more m... by logicalmonster on Wednesday March 15, 2023 @02:40PM (#35172801)

> A shocking idea would be to prosecute the source of the ill gotten gains, or the underlying crime, rather than imposing these AML externalities on other actors.

Of course. But there's 2 big problems with that from a government's perspective.

1) Prosecuting actual criminals would require hard work: real investigation without having an automatic sneak peak into everybody's finances is hard.

2) This wouldn't give the government any extra power.

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Re:Credit Suisse sheds nearly 25%, key backer says no more m... by nikanj on Wednesday March 15, 2023 @02:31PM (#35172655)

Alas prosecuting dictators and government officials in third-world countries doesn’t really happen, and the only way to prevent them stealing the nation’s wealth is to block the transfers

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Re:Credit Suisse sheds nearly 25%, key backer says no more m... by notch898a on Wednesday March 15, 2023 @02:36PM (#35172735)

I take issue with the idea that AML as currently implemented is the "only way" and also with the characterization you've made that what we did stopped the stealing.

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Re:Credit Suisse sheds nearly 25%, key backer says no more m... by WalterBright on Wednesday March 15, 2023 @03:09PM (#35173235)

A modern principle of US justice is it's always someone else's fault.

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