Regulation that only harms the honest

Burning out money has a post on the hurdles to open a new savings account. Introduced to help prevent money laundering, it

“there is not a single case of any would-be launderer being caught by this system. As you’d kinda guess, real launderers are quite capable of cobbling together the necessary fake docs, and ticking all the right boxes.”

Like with government expenditure, in regulation, the areas be scrapped are those where government activity does net harm to society. This anti-laundering legislation looks to be one of them.

Leave a comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: