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AML laws are not only privacy destroying, but also ridiculously ineffective:
"Anti-money laundering policy intervention has less than 0.1 percent impact on criminal finances, compliance costs exceed recovered criminal funds more than a hundred times over, and banks, taxpayers and ordinary citizens are penalized more than criminal enterprises."
tandfonline.com/doi/full/10.10

@fed Agreed, but more specifically they are only ineffective for their putative purposes, which are not at all the real reasons they exist. The State doesn't care how much it costs the financial sector to be conscripted to help it build an AI-curated social credit database. These compliance costs also constitute barriers to entry in financial services that benefit the big players who are partners of the State. The State also highly values making people submit to itself, even if, or perhaps especially if, to no ends whatsoever.

@amaranthus That's true, the end goal of most regulation is always to just reduce competition, which is great for incumbents and makes it easier for the state to have control over an industry

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