Finance Directive 1: Fining of Redmont Government (DC)

[ConsequencesInc]

Fining of Redmont Government
Written by Monetary Secretary ConsequencesInc
​

Background

This directive is being issued under §5 of the RDIC Policy as authorized by K.A. Const. § II Art. 10.1 ,3 & 6. and §5.1 (d) and (e) of A.P.03-29 | RBA Replacement Act.

Foreign interference with Foreign exchange exposes all customers to unregulated economies, unrecognized Commerce departments, and a high risk of loss of funds due to incompetence. The Alexandrian Monetary Bureau (AMB) does not recognize, and will not be subject to, any foreign government or institution.

On July 15th the year of our King, Two-Thousand and Twenty Six, the Department of Commerce of Redmont under then Commerce Secretary and current President of Redmont xXTheoryXx issued Commerce Directive 1 which banned all Foriegn Exchange (AKA FOREX).
For those of you who can't read this Directive from the DoC of Redmont because it is behind a Redmon log-in wall, you can read the full text in the bellow spoiler

Spoiler: Commerce Directive 1: Prohibition of Foreign Exchange (FOREX)

Prohibition of Foreign Exchange (FOREX)
Written by Commerce Secretary xXTheoryXx

BACKGROUND

This Regulation is issued under sections 6(3), 22, and 38(2) of the Financial Institutions Enforcement Act (FIEA) and takes effect on publication. Foreign exchange schemes expose customers to unregulated products, unrecognised currencies, and a high risk of fraud and loss of funds. The Department of Commerce (DOC) does not recognise, and will not register or license, any foreign exchange instrument or institution.

CLASSIFICATION

Foreign exchange (forex) means any instrument, arrangement, or service involving the exchange, trading, brokering, holding, or offering of any currency, token, or unit of value other than the currency of the Commonwealth, including any derivative, contract, or product whose value is referenced to such a currency, however described or labelled.

Forex is classified as a financial product under section 6(3) of the FIEA. Pursuant to section 4 of the FIEA, this classification applies by economic substance, meaning that relabelling an arrangement as a purchase, commodity, token, or investment does not remove it from this Regulation.

PROHIBITION

Pursuant to section 22 of the FIEA, the offering of forex to the public is prohibited. No person shall:

• Offer, operate, promote, advertise, broker, deal in, or facilitate forex or any forex exchange, fund, or product within the Commonwealth.
• Represent that any foreign exchange is recognised, registered, or insured. For the purposes of the Criminal Code Act, no foreign exchange is a recognized exchange.

This Regulation does not apply to the Federal Reserve Bank or the Government of the Commonwealth acting in an official capacity. The Department may, by written ruling under section 21 of the FIEA, exempt a person or activity from this Regulation, subject to conditions.

WIND-DOWN

Any person carrying on forex activity must cease immediately upon publication of this Regulation and return all customer funds within 7 days. Funds held pending return are client funds under section 8 of the FIEA and must be fully segregated.

ENFORCEMENT

Contravention of this Regulation constitutes offering a product in contravention of a product-intervention order under the FIEA. Violators are subject to the offences in Part VII of the FIEA, including Breach of a Product Intervention or Trading Suspension Order, the offences of Unrecognized Foreign Exchange and Foreign Exchange Fraud under the Criminal Code Act, the violations under Part X of the Redmont Civil Code Act, and the full enforcement powers of the Department under Part III of the FIEA, including cease and desist orders, freeze orders, asset seizure, and restitution.

Classification

The following information is classified as public knowledge because it doesn't take someone with a Harvard economics degree to understand what poor customer service and backwards logic is.

The Alexandrian Monetary Bureau and the Monetary Secretary has tried to contact someone with the sense to negotiate at the DoC or in the Redmont Government, through numerous channels including but not limited to:

• Trying to contact the DoC and Redmont Government via Diplomats
• Opening numerous tickets with the DoC of Redmont
• Reaching out personally to Alexandria's Diplomats to arrange a meeting with Redmont, which fell apart during political turmoil
• Starting conversations in Redmont's Discord to try and find a reasonable person a la Diogenes.
• Banging our collective heads at the Ministry of Trade and Finance against the walls until the DoC of Redmont notices all the blood of the Redmont investors they killed on their Persian rugs and ottomans.

While in my capacity as the Monetary Secretary, to address the Department of Commerce in Redmont's concerns with Money Laundering, Solvency, Fraud exposure and Jurisdictional issues, I decided to have a meeting. During a sit down with DoC and MoTF counterparts, there was good dialogue until the government imploded shortly afterwards and the dialogue came to an unceremonious end with strikes and chaos. Before that happened, the Alexandrian Monetary Bureau promised the following unconditionally to fully address all concerns with Foreign Exchange:

1. Cooperation with the DoC and DHS of Redmont in stopping Money Laundering and Fraud via assisting in investigations and sharing transaction records.
2. Prohibiting fixed-rate exchanges and only allowing free-floating markets to operate.
3. Requiring registration in one country as an Financial Institution and business in ordering to operate an international exchange
4. Coming up with temporary rules to allow Foriegn Exchange to continue until final rules were established.

Unfortunately, after all of that work and attempts to come to some sort of reasonable solution to allow for Foriegn Exchange and Commerce between nations, it fell on deaf ears.

The last ticket with the Department of Commerce was closed on July 22nd the year of our King, Two-Thousand and Twenty Six with the final message of the DoC of Redmont being: "We wont change the policy at this time"

Therefore, the die was cast and he we find ourselves today. The DoC and Redmontian government continue to fail to have meaningful conversations with the Alexandrian Monetary Bureau. To this day and to my knowledge, they still have not reached out to us to help them on anything.


Fining

Pursuant to §5 (1) of the RDIC Policy the Alexandrian Monetary Bureau has determined that, due to their inability to communicate cross-server with their counterparts in any meaningful or comprehensible way to regulate international trade, The Department of Commerce and Redmontian Government are an existential threat to the banking sector of Alexandria.

Without the most minimal of free-trade in a multi-server system economy on MineCraft, the most fundamental and basic of all being the exchange of one currency for another, there is no hope for further economic development to occur. Outright prohibiting foreign exchange out of claims of unfounded fears without evidence or proof, and not having the common courtesy to consult the other parties affected for any sort of assistance or input on what was going on, is churlish.

We have a saying at the Alexandrian Monetary Bureau: "We sell to willing buyers at fair market rate". Since the DoC and Redmont Government are willingly being obtuse, we will fine them at the fair market rate.

Therefore, the Alexandrian Monetary Bureau will issue a daily reoccurring fine of £1324.69 to Department of Commerce care of the Redmontian Government, for each day the Department of Commerce and the Government of Redmont continues to enforce and utilize Commerce Directive 1 to bring harm to Alexandrian interests.

This fine shall accrue a weekly interest rate of 0.3% per week as calculated on Sunday at Midnight EST for each week the fine goes unpaid.

Any action the Department of Commerce and the Redmontian Government takes against Alexandria interests related to Alexandrian banking will incur an additional fine of £69, that is then multiplied by the amount of fines they issue and the damages they cause against Alexandrian interests in Redmontian Dollars. (For example, a fine of $10 issued against an Alexandrian bank will carry a fine of £690)

Any unpaid fines related to this directive (if left unresolved by the time cross-server trade with tariffs is in any way, shape or form made feasible) will be charged against any Redmontian government accounts used to collect tariffs in Alexandrian pounds until the fine is paid off in full.

Wind-down

Any government or entity carrying on harming the Alexandrian banking sector and economy without the common curtosy to reach out and start negotiating in good-faith with the Ministry of Trade and Finance and the Alexandrian Monetary Bureau must cease immediately causing harm with their incompetence within 48 hours of the publication of this policy directive. The easy way to rectify this is to, say, actually communicate for once in your lives instead of lording over a falling economy that's dollar is worth about as much as monopoly junior money?

Enforcement

You have 48 hours to start talking or the fines start racking up.