Posted on 03/12/2008 8:52:10 PM PDT by newbie2008
ELIOT SPITZER WAS NOT CAUGHT BY THE PATRIOT ACT: "Currency transaction reporting requirements were enacted in the Bank Secrecy Act of 1970, and money laundering was made a crime in overhaul of the federal narcotics laws that took place in 1986. Believe it or not, Karl Rove did not diabolically dream these provisions up to trap unwary Democrats, nor are they part of George W. Bush's post-9/11 Politics of Fear."
I'm glad this premptive strike is out.....although it'll make no difference to the mentally-diseased liberals and the anti-war crazies.
Leni
That’s kind of like saying George Bush had nothing to do with 9/11.
His transactions were apparently all under $10,000 so I don’t see why this article would reference the 1970 rules.
After all the grief he caused to business in New York, someone at his bank must have been sufficiently annoyed to turn him in.
I’ve already called a moonbat on the partisan BS of blaming the Bush Administration for this........and it was not on a political blog.
Spitzer is a power-sick unit. He made a lot of enemies.
When I asked for a money order check from my credit union for around $5000, they had to fill out a paper. That has been going on for years.
There was a push to change the bank reporting trigger to $1,000 for all transactions but the Democrats fought it to keep their whore visits out of it.
If a bank believes your breaking up the $10,000+ amount into smaller amounts and requesting multiple wiretransfers to same location or locations with connecting relationships, than they will report you.
If someone contacts the bank and tells them they want their name removed from wiretransfers (Spitzer did and thats what got him reported), they will report you as well.
Right but that is a more recent change, not from 1970.
I guess the question is...
Why should the government be allowed to look at our wire transfers? Maybe it should be like our phone taps. wire transfers out of the country are open season. But otherwise, buzz off.
BTW, I am not a spitzer fan. I just don’t like the gov’t spying on my money.
People talk about that yet 10,000 is still the rule.
Yes, but AML monitoring policies dates back to creation of BSA. Its rules have just been agumented in the years since then to help screen for drug money launders and terrorism funding. If someone asks a bank to remove their name from a wiretransfer, this would only generate a SAR because of the patriot act? There was no rules for this before that?
This is correct. When this law came out, I said that it should be called the Bank Unsecrecy Act because that’s just what it is.
Suspicious Activity Report (SAR)
Any cash transaction where the customer seems to be trying to avoid BSA reporting requirements (e.g., CTR, MIL). A SAR must also be filed if the customer's actions indicate that s/he is laundering money or otherwise violating federal criminal law. The customer must not know that a SAR is being filed. These reports are filed with the Financial Crimes Enforcement Network ("FinCEN").
lovely.
Because the “under the radar” structuring of transactions under $10K is “structuring” which is a felony if proven. The bank noted suspicious account activity that looked like an ongoing effort to evade the $10k reporting threshold, hence the reference to the banking act. Spitzer, of all people, knew this.
When ABC posted a story from an anonymous source that said "We had no interest in the Emperor's Club until Spitzer" I predicted this would be the result. I still have seen no proof that the break was in Spitzer's account setting off red flags but rather the Emperor's Club set off red flags and upon further review Spitzer's accounts/phone number were noticed.
I find it hard to believe that a high-price international prostitute ring would be of no interest (by definition made for the feds) except that the feds know that some high profile individuals would be exposed to the chagrin of someone friendly with the feds.
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