Deep Politics Forum

U.S. Government Wants to Archive Information on All Bank to Bank Overseas Money Transfers for Ten Years

December 30th, 2010 Via: EFF:
What do an online donation to the International Red Cross, a bank transfer to family members living in Vietnam, and a payment sent through PayPal for an expensive rug in Turkey have in common? The government wants to know about them. And, if new rules proposed by the Financial Crimes Enforcement Network, or FinCEN, go into effect, the government will along with your name, address, bank account number, and other sensitive financial information.
In September, FinCEN, an agency component of the Department of the Treasury,
proposed a set of rules (pdf) that would require banks and money transmitters to report to the government any cross-border electronic funds transfer. Yesterday, we submitted a comment (pdf) opposing the agency's proposal.
Essentially, under the proposed rules, anytime you electronically transfer money into or out of the country, the government wants to know. The proposed rules require banks and money transmitters, like PayPal or Western Union, to submit reports documenting the amount of money sent or received, where that money came from, and where it is going. Depending on the type of transfer, a variety of information would be included in the reports, including the name, address, bank account number, and taxpayer ID number of the sender; the amount and currency of the funds transfer; and the name and address of the recipient. Passport numbers or alien ID numbers could also be required for some transfers.
The government wants reports on all electronic bank-to-bank transfers, regardless of whether the transfer is $1 or $1,000,000. For money transmitters, reports would be filed for transfers at or above $1,000. FinCEN estimates it will receive 750 million reports every year, and the agency wants to keep the data for ten years. Once the reports are filed with FinCEN, other federal law enforcement agencies the FBI, IRS, ICE, and the DEA would all have access to the data.
Posted in Dictatorship, Economy, Surveillance, Technology

Quote:The government wants reports on all electronic bank-to-bank transfers, regardless of whether the transfer is $1 or $1,000,000. For money transmitters, reports would be filed for transfers at or above $1,000.

A money transfer of $1?!?!

Sometimes only analysis by shrink of the deep state's infantile desire for full spectrum knowledge is appropriate.

I suggest we also inform our government:

a) when we take a crap;

b) when we cross the road;

c) whenever we consider hoisting the archetypal black flag high in the sky.

:monkeypiss:

Jan Klimkowski Wrote:A money transfer of $1?!?!

Sometimes only analysis by shrink of the deep state's infantile desire for full spectrum knowledge is appropriate.

I suggest we also inform our government:

a) when we take a crap;

b) when we cross the road;

c) whenever we consider hoisting the archetypal black flag high in the sky.

:monkeypiss:

http://act.alternet.org/go/2820?akid=627...opOUWK&t=7

It's only a matter of a phone call. We are listed as potential home-grown terrorists if we fly certain historical flags, and unless we are driving old cars that do not carry satellite links for GPS, radio, toll payment or automatic accident notification, they can tell when we go down the road. TSA-style scanners are postulated for malls and mobile units exist for use at bus terminals. Maybe, though, borrowing on the Netflix approach,we could take pre-emptive action on item #1A by mailing it in for analysis.