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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsExclusive: Obama administration to let spy agencies scour Americans' finances
Source: Reuters
Exclusive: Obama administration to let spy agencies scour Americans' finances
By Emily Flitter and Stella Dawson and Mark Hosenball
NEW YORK/WASHINGTON | Wed Mar 13, 2013 3:22pm EDT
(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.
[font size=1]-snip-[/font]
By Emily Flitter and Stella Dawson and Mark Hosenball
NEW YORK/WASHINGTON | Wed Mar 13, 2013 3:22pm EDT
(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.
[font size=1]-snip-[/font]
Read more: http://www.reuters.com/article/2013/03/13/us-usa-banks-spying-idUSBRE92C12720130313
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Exclusive: Obama administration to let spy agencies scour Americans' finances (Original Post)
Eugene
Mar 2013
OP
Hell Hath No Fury
(16,327 posts)1. The chipping continues -
IDemo
(16,926 posts)2. They have time to 'scour Americans' finances'
But not to scour the American financial mobsters. I see.
DearHeart
(692 posts)3. What's next?? Financial institutions already have to report "suspicious customer activity"
This is way beyond a gigantic mountain of BS!
geek tragedy
(68,868 posts)4. Note: this is only the database of Suspicious Activity Reports
that record possible instances of money laundering.
It doesn't reflect a database for routine checking account and credit card transactions.
The FBI already has access to it.