Very doubtful. Small inconvenience for the oligarchs (is it a crime to be an oligarch by the way?) and drug traffickers, lot of inconvenience for a lot of innocent people. In my opinion, the war on financial privacy has been a net negative for society. A massive cost with little reward. Global AML compliance cost alone is estimated at ~300$ billion/year and that doesn't account for the invisible cost (e.g. billions of unbanked and underbanked people). How much crime does it really stop?
Very doubtful. Small inconvenience for the oligarchs (is it a crime to be an oligarch by the way?) and drug traffickers, lot of inconvenience for a lot of innocent people. In my opinion, the war on financial privacy has been a net negative for society. A massive cost with little reward. Global AML compliance cost alone is estimated at ~300$ billion/year and that doesn't account for the invisible cost (e.g. billions of unbanked and underbanked people). How much crime does it really stop?
[0] https://www.forbes.com/advisor/banking/costs-of-being-unbank...