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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFrom March 2013: Spy agencies to get access to Americans’ finances
The Obama administration will grant spy agencies the CIA and the NSA full access to a vast database of financial data belonging to U.S. citizens and individuals who bank in this country, Reuters reported late Wednesday. Up until now only law enforcement agencies have had full access to the database, known as FinCEN (the Treasurys Financial Crimes Enforcement Network) spy agencies have to make case-by-case requests for information. Financial institutions the U.S. have to file regular suspicious activity reports to FinCen, including all personal cash transactions exceeding $10,000, as well as suspected incidents of money laundering, loan fraud, computer hacking or counterfeiting.
The proposal to extend access to FinCen was detailed on a March 4. Treasury document obtained by Reuters. It constitutes a furthering of efforts to centralize the broad monitoring of U.S. citizens on the grounds of counterterror and anti-crime efforts. Reuters noted that privacy advocates have reacted with concern to the proposal, which remains in its early stages:
More than 25,000 financial firms including banks, securities dealers, casinos, and money and wire transfer agencies routinely file suspicious activity reports to FinCEN. The requirements for filing are so strict that banks often over-report, so they cannot be accused of failing to disclose activity that later proves questionable. This over-reporting raises the possibility that the financial details of ordinary citizens could wind up in the hands of spy agencies.
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http://www.salon.com/2013/03/14/spy_agencies_to_get_access_to_americans_finances/
geek tragedy
(68,868 posts)randome
(34,845 posts)Money laundering laws like this have always been the norm.
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geek tragedy
(68,868 posts)ProSense
(116,464 posts)...outraged about this database? Sounds scary.
As reflected in its name, the Financial Crimes Enforcement Network (FinCEN) is a network, a means of bringing people and information together to fight money laundering. Since its creation in 1990, FinCEN has coordinated the sharing of information with law enforcement agencies and its other partners in the regulatory and financial communities. FinCEN uses cooperation and partnerships in a network approach to combat money laundering domestically and internationally.
FinCEN was established by order of the Secretary of the Treasury (Treasury Order Numbered 10508) on April 25, 1990. In May 1994, its mission was broadened to include regulatory responsibilities and the Treasury Department's Office of Financial Enforcement (OFE) was merged with FinCEN in October 1994. On September 26, 2002, after Title III of the Patriot Act was passed, Treasury Order 180-01[1] made it an official bureau in the Department of the Treasury.
- more -
http://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network
Bush broke the law. President Obama followed it.
http://www.democraticunderground.com/10022990450
FarCenter
(19,429 posts)It began as a requirement for banks to report large cash transactions.
http://en.wikipedia.org/wiki/Bank_Secrecy_Act
If you go to your bank and withdraw $10,000 in $100s, they will report the transaction, but they are forbidden to tell you that they reported it.
It is mainly about drug money, since that is a main use of cash -- although political contributions have been known to be large.