Donald Trump's precise plan to build a border wall and make Mexico pay for it involves confiscating remittance payments that Mexicans living in America send home to their families, he revealed on Tuesday. It's a plan that in practice would expand the black market for money transfers and even increase crime:
Security and money-laundering experts who watch the underground financial economy say that in all likelihood, such a rule would not stop the remittances: It would simply send them into the underground economy. Couriers or others will help facilitate money transfers across the border; Mexican nationals could also transfer money through a digital currency like Bitcoin."I guarantee you, before the wall has five bricks in it," said [Don Semesky, a former financial investigator at the IRS and DEA], "there would be an informal black market."Either way, the result would be devastating for law enforcement: they’d lose a powerful tool to trace dubious money tied to drug-runners, terrorists, or human traffickers. [Politico]
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
UK-India trade deal: how the social security arrangements will workThe Explainer A National Insurance exemption in the UK-India trade deal is causing concern but should British workers worry?
-
Man arrested after 'suspicious' fires at properties linked to Keir StarmerSpeed Read Prime minister thanks emergency services after fire at his former family home in north London
-
Elon Musk's SpaceX has created a new city in Texasunder the radar Starbase is home to SpaceX's rocket launch site
-
Qatar luxury jet gift clouds Trump trip to Mideastspeed read Qatar is said to be presenting Trump with a $400 million plane, which would be among the biggest foreign gifts ever received by the US government
-
Trump taps Fox News' Pirro for DC attorney postspeed read The president has named Fox News host Jeanine Pirro to be the top federal prosecutor for Washington, replacing acting US Attorney Ed Martin
-
Trump, UK's Starmer outline first post-tariff dealspeed read President Donald Trump and British Prime Minister Kier Starmer struck a 'historic' agreement to eliminate some of the former's imposed tariffs
-
Fed leaves rates unchanged as Powell warns on tariffsspeed read The Federal Reserve says the risks of higher inflation and unemployment are increasing under Trump's tariffs
-
Denmark to grill US envoy on Greenland spying reportspeed read The Trump administration ramped up spying on Greenland, says reporting by The Wall Street Journal
-
Supreme Court allows transgender troop banspeed read The US Supreme Court will let the Trump administration begin executing its ban on transgender military service members
-
Hollywood confounded by Trump's film tariff ideaspeed read President Trump proposed a '100% tariff' on movies 'produced in foreign lands'
-
Trump offers migrants $1,000 to 'self-deport'speed read The Department of Homeland Security says undocumented immigrants can leave the US in a more 'dignified way'
