Comments on: Freedom of movement of money http://www.johnredwoodsdiary.com/2007/08/31/freedom-of-movement-of-money/ Conservative Party Member of Parliament for Wokingham Fri, 04 Jul 2008 20:26:41 +0000 http://wordpress.org/?v=2.5.1 By: John http://www.johnredwoodsdiary.com/2007/08/31/freedom-of-movement-of-money/#comment-10258 John Mon, 29 Oct 2007 14:22:22 +0000 http://www.johnredwoodsdiary.com/2007/08/31/freedom-of-movement-of-money/#comment-10258 Does anyone on this forum know if there is a web page that sets out exactly what are valid "papers" that prove identity? Or is it left to the discretion of the institution demanding them? Yes, requirements vary. Does anyone on this forum know if there is a web page that sets out exactly what are valid “papers” that prove identity? Or is it left to the discretion of the institution demanding them?
Yes, requirements vary.

]]> By: John http://www.johnredwoodsdiary.com/2007/08/31/freedom-of-movement-of-money/#comment-9816 John Sat, 27 Oct 2007 15:56:42 +0000 http://www.johnredwoodsdiary.com/2007/08/31/freedom-of-movement-of-money/#comment-9816 I wonder if the increace in "identity theft" has any correalation with the money laundering regulations that require people to send in personal documents every time they consult a solicitor, open a bank account, invest in a unit trust and so on. Sometimes financial organisations lose these papers, and they have even been reported found in black plastic sacks put out for the dustman. Maybe the person who introduced these regulations should be named as an accessory in every prosecution brought for identity theft. The introduction of reglations that require ordinary people to "prove themselves" all the time is surely part of the sort of society Europeans have fought against in wars from the time of Napoleon to Hitler. They also add to the atmosphere of mistrust and suspicion that is ruining life today which terrorists have sought to achieve especially since 9/11. Reply: I have complained long and loudly about the clumsy implementation of the Money Laundering regulations. They are a prime example of foolish controls which impede honest people going about their business but do not help catch sophisticated crooks. It is a crazy idea that crooks cannot procure a gas bill or lack a passport, and an equally crazy idea that producing such documents establishes the fact that the money was honestly come by. I resent having to present these documents every time I pay a cheque out of my UK bank account which receives my heavily and fully taxed income from my specified employer, into certain kinds of savings schemes or business transactions. The government blames the banks, and the banks blame the government. It's high time the government sorted it out. I wonder if the increace in “identity theft” has any correalation with the money laundering regulations that require people to send in personal documents every time they consult a solicitor, open a bank account, invest in a unit trust and so on. Sometimes financial organisations lose these papers, and they have even been reported found in black plastic sacks put out for the dustman.

Maybe the person who introduced these regulations should be named as an accessory in every prosecution brought for identity theft.

The introduction of reglations that require ordinary people to “prove themselves” all the time is surely part of the sort of society Europeans have fought against in wars from the time of Napoleon to Hitler.

They also add to the atmosphere of mistrust and suspicion that is ruining life today which terrorists have sought to achieve especially since 9/11.

Reply: I have complained long and loudly about the clumsy implementation of the Money Laundering regulations. They are a prime example of foolish controls which impede honest people going about their business but do not help catch sophisticated crooks. It is a crazy idea that crooks cannot procure a gas bill or lack a passport, and an equally crazy idea that producing such documents establishes the fact that the money was honestly come by. I resent having to present these documents every time I pay a cheque out of my UK bank account which receives my heavily and fully taxed income from my specified employer, into certain kinds of savings schemes or business transactions. The government blames the banks, and the banks blame the government. It’s high time the government sorted it out.

]]> By: Tony Makara http://www.johnredwoodsdiary.com/2007/08/31/freedom-of-movement-of-money/#comment-5458 Tony Makara Fri, 31 Aug 2007 10:17:02 +0000 http://www.johnredwoodsdiary.com/2007/08/31/freedom-of-movement-of-money/#comment-5458 John, what is your opinion of 'Hedge Funds' and the concept of 'Short Selling' ? I remember that the Japanese government had grave concerns over hedge funds about a decade ago. Do you see hedge funds as being parasitic? Reply: Hedge funds, like Unit trusts, are many and varied. Some are cautious, some are risky. Some have done well, a few have done badly. They are not parasitic. Some funds have a direct and favourable impact on company performance. Others use complex mathematical models to trade more abstruse instruments. The recent sharp falls in some debt obligation valuations will cause funds investing in such pieces of paper to rethink their strategies, and cause bankers to reconsider how much it is wise to lend to them. Anyone thinking of investing in any fianncial product is advised these days by the regulators to go to a regulated business that should be able to explain the particular risks of each fund. John, what is your opinion of ‘Hedge Funds’ and the concept of ‘Short Selling’ ? I remember that the Japanese government had grave concerns over hedge funds about a decade ago. Do you see hedge funds as being parasitic?

Reply: Hedge funds, like Unit trusts, are many and varied. Some are cautious, some are risky. Some have done well, a few have done badly. They are not parasitic. Some funds have a direct and favourable impact on company performance. Others use complex mathematical models to trade more abstruse instruments. The recent sharp falls in some debt obligation valuations will cause funds investing in such pieces of paper to rethink their strategies, and cause bankers to reconsider how much it is wise to lend to them. Anyone thinking of investing in any fianncial product is advised these days by the regulators to go to a regulated business that should be able to explain the particular risks of each fund.

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