Updated: 09/03/2010 20:28
Hyip Monitor
It has been a long time since LibertyReserve updated its Anti Money Laundering Rules and added a corresponding paragraph in the Term of Use.

It's been a long time since LibertyReserve updated its Anti Money Laundering Rules and added a corresponding paragraph in the Term of Use. The addition to Term of Use is the most important and we decided to post it, as blogs and forums have done. Here it is:

12.2. Issuer may at any time restrict or terminate an Account without notice in case: (i) you breach any condition of these Terms of Use or any other condition applicable to specific services covered by separate terms and conditions; (ii) violate any applicable law or regulation, (iii) Issuer suspects User receipt of potentially fraudulent funds; (iv) Issuer must comply with money laundering investigations conducted by competent government authorities agencies or commissions; or (v) Issuer must comply with other investigations conducted by competent government authorities, agencies or commissions;

In other words, now LR has the right to close your account if it is suspected in money laundering or any other illegal activities. Oh, and to inform the authorities about this.

I said that enough time has passed since this event in the beginning of this news. To be exact it has been about 15 days. Amendment of Terms of Service took place on August 19. And we haven't written a word about it because we wanted to study the reaction of investors before making conclusions. And this reaction was predictable.

Everyone immediately started talking about "death" of LibertyReserve on forums and compared it with e-Gold. Bloggers weren't so emotional. David, the author of dvd-hyip believes that these conditions are only "on paper" and many investors think similarly. Apparently even the exchange rate remained the same on exchangers. Consequently, this innovation ended up to be nothing else but declaration, as we figured in the beginning.

It is only symbolic because it means: LibertyReserve has reached the level of development and the importance when there is a need to protect itself from possible claims by the authorities. By having this condition in User Agreement, they get a tool that will allow them to solve problems in collaboration with the authorities in extreme cases. LibertyReserve StarAnd this, of course, does not impose any restrictions on work with clients (and almost all HYIPs are among them). Many other currencies and payment processors have the same rules and many issues simply must be talked over. So, we welcome LibertyReserve to the next step of development. And welcome HYIPs and investors to work with LibertyReserve of the next level. The very conditions and the declaration will not change anything. It is important how LR will handle them.

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