It’s Cheaper for Banks to ‘Debank’ People, Even With No Evidence of Money Laundering: Academic

A recent report on debanking reveals that stringent anti-money laundering legislation is a major contributing factor. Around 170,000 bank accounts were closed in the 2021/22 financial year, but only 1,083 money laundering convictions happened in the same year. NTD spoke with the author of the report and senior fellow at the Institute of Economic Affairs, Jamie Whyte, who says this points to an enormous issue.