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Old 03-13-2013, 11:30 AM
Populace Populace is offline
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Angry U.S. to let spy agencies scour Americans' finances


The Obama administration is drawing up plans to give all U.S. spy agencies full access to a massive database that contains financial data on American citizens and others who bank in the country, according to a Treasury Department document seen by Reuters.

The proposed plan represents a major step by U.S. intelligence agencies to spot and track down terrorist networks and crime syndicates by bringing together financial databanks, criminal records and military intelligence. The plan, which legal experts say is permissible under U.S. law, is nonetheless likely to trigger intense criticism from privacy advocates.

Financial institutions that operate in the United States are required by law to file reports of "suspicious customer activity," such as large money transfers or unusually structured bank accounts, to Treasury's Financial Crimes Enforcement Network (FinCEN).

The Federal Bureau of Investigation already has full access to the database. However, intelligence agencies, such as the Central Intelligence Agency and the National Security Agency, currently have to make case-by-case requests for information to FinCEN.

The Treasury plan would give spy agencies the ability to analyze more raw financial data than they have ever had before, helping them look for patterns that could reveal attack plots or criminal schemes.

The planning document, dated March 4, shows that the proposal is still in its early stages of development, and it is not known when implementation might begin.

Financial institutions file more than 15 million "suspicious activity reports" every year, according to Treasury. Banks, for instance, are required to report all personal cash transactions exceeding $10,000, as well as suspected incidents of money laundering, loan fraud, computer hacking or counterfeiting.

"For these reports to be of value in detecting money laundering, they must be accessible to law enforcement, counter-terrorism agencies, financial regulators, and the intelligence community," said the Treasury planning document.
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Old 03-13-2013, 04:14 PM
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Zap Zap is offline
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They want the drug money laundering banks to report suspicious activity? LOL!
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Old 03-13-2013, 11:40 PM
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Jim Gillum Jim Gillum is offline
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Go for it.....
I don't do large cash transactions.....anymore...)))
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Old 03-14-2013, 01:45 PM
DuncanM DuncanM is offline
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It is policies like this that really anger me.

I am in Canada, not the US, but policies in the two countries are usually very similar. As far as I am concerned, the relationship between a customer and his banker should be strictly confidential, like between a doctor and patient, a priest and a confessor, etc.

It just makes me all the more determined to get money out of the country and out of the reach of government.
No, I am not a drug dealer or potential terrorist. But neither am I willing to be helpless before the arbitrary whims of a government that has lost all sense of its limits.

This whole societal trend of ever-growing Big Brother is going to reach a boiling point very soon.
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