Governments Have Recruited a Massive Network of Spies to Report on Your Financial Transactions
It’s common knowledge that banks are required to report on cash transactions over $10,000. Even making a series of deposits amounting to over $10k in a short time frame will trigger a suspicious transaction report.
What’s less well known is that there’s a whole army of spies reporting information about you to the government. This army of spies includes your most trusted advisors. Those most privy to your deepest and darkest financial secrets such as accountants, lawyers and bookmakers are spying on you.
Financial Privacy is Dead
This isn’t some kind of crackpot conspiracy theory. This is happening right now in almost every first world country. In the UK 634,000 suspicious transactions reports were filed, according to the last published data. 6,693 were accountants and tax advisers. 4,878 were lawyers. Most of the other reports were from banks and other financial institutions. These reports lead to real world consequences. The report that your accountant filed can lead to a raid on your house. It can cause your bank to freeze your accounts. It can lead to a criminal trial.
These people will not tell you they’ve submitted a suspicious activity report on you. They may even continue working for you after filing the report. You’d likely only find out about it during the disclosure at a future criminal trial.
Who is Spying om You?
According to the Dutch government, they want the following categories of professionals to report on you:
Accountants
Banks
Casinos
Civil-law notaries
Electronic money institutions
Institutions, not being banks, that carry out banking activities
Investment firms
Investment institutions
Lawyers
Life insurers
Life insurance brokers
Money exchange institutions
Natural or legal persons that put their address at another’s disposal (domicile-providers)
Pawn shops
Payment service agents
Payment service providers
Safe custody services
Tax advisors
Traders / sellers of goods
Trust offices
Undertakings for Collective Investment in Transferable Securities (UCITS)
Valuers
The list is extensive and expanding constantly. Anyone who you discuss your finances with is included. Privacy has been abolished.
Why are they Spying on You?
You may ask yourself why anyone in business would comply with such draconian rules that put their clients out of business. Well, the penalties for failing to report can be draconian. They can range from substantial fines to years of jail time for accountants, lawyers and bankers who fail to report. This causes them to err on the side of caution and report even the smallest things to the authorities.
I know of one case where someone discussed delaying a tax payment with his accountant. It was necessary because he didn’t have the money to pay it immediately. The accountant filed a report to the authorities and the unfortunate individual ended up being imprisoned for 18 months.
How to Avoid Advisors Spying on You
So, how do we avoid being spied on? This is tricky. Anyone running a business in the EU, US, UK, etc is forced to deal with a whole series of professionals to ensure they’re complying with the regulations in place. You must be extremely cautious in anything you say to these people. Despite their friendly appearance, they will not hesitate to report you to the authorities. Don’t discuss anything with them that could be misconstrued in any way.
For those who are able, it’s best to move yourself and your business to a location without such draconian rules in place. There are still many free countries in the world where you can get on with your life and your business in peace. For those not able to move their entire business, at least have some assets overseas. You should have a second passport and residency. In today’s world it could be the best insurance policy you ever purchased.
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