EXCLUSIVE - U.S. to let spy agencies scour Americans' finances

Reuters ^ | 3/13/13 | Emily Flitter and Stella Dawson and Mark Hosenball

[Evil Slayer]

(Reuters) - 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

[RipSawyer]

“...but that type of grandness is wasted on the used car salesmen types we send to Washington now...”
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That comparison is very unfair ...to used car salesmen.

[RipSawyer]

We should go back to the requirement that used to exist in some places that a voter must be able to demonstrate the ability to read, write and understand the constitution. That requirement for understanding the constitution would eliminate possibly ninety plus percent of Americans including most of our elected officials.

[RipSawyer]

Unfortunately, having to demonstrate the ability to understand the constitution would eliminate the majority of the supreme court from voting also, including the current chief justice.

[timestax]

YES, WHY INDEED !

[TiaS]

There could be more to this than meets the eye. Cyprus has just announced plans to demand 10 percent of all citizens’ bank accounts. Think about it — if things get real bad here, they'll have a “leg up” by knowing how much people have. And, of course, all those perpetrating this hoax on the American people will be immune from any kind of scrutiny.