This policy is all costs and no benefits.

A new video released today by the Center for Freedom and Prosperity Foundation (CF&P) discusses how anti-money laundering laws, which require banks to snoop on their customers, are costly and ineffective.

This Center for Freedom and Prosperity video examines anti-money laundering laws and finds that they are expensive and intrusive. These costs might be acceptable if the result was less crime, but this mini-documentary reveals that anti-money laundering policies are ineffective. As a former Reagan Administration official remarked, they undermine the fight against crime by misallocating law enforcement resources.

More than twenty-five prominent free-market leaders and supporters of individual liberty sent a letter to President George W. Bush to express concerns that proposed money laundering legislation will undermine international cooperation in the fight against crime. The letter pointed out that threats of financial protectionism will create animosity and instead advocated that the United States […]