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WAR: Feds Want Access to Bank Records to Fight Terror Funding

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posted on Apr, 10 2005 @ 01:56 PM
Federal authorities are planning to gain access to millions of international banking records in an effort to uncover sources of terrorist funding. Terrorists were able to use international bank wires to fund the September 11th 2001 terrorist attacks in the U.S. without raising any flags in existing monitoring systems. Bankers are wary of the plan saying they are already overburdened with government regulations while others are concerned with privacy issues.

www.nytimes. com
WASHINGTON, April 9 - The Bush administration is developing a plan to give the government access to possibly hundreds of millions of international banking records in an effort to trace and deter terrorist financing, even as many bankers say they already feel besieged by government antiterrorism rules that they consider overly burdensome.

The initiative, as conceived by a working group within the Treasury Department, would vastly expand the government's database of financial transactions by gaining access to logs of international wire transfers into and out of American banks. Such overseas transactions were used by the Sept. 11 hijackers to wire more than $130,000, officials said, and are still believed to be vulnerable to terrorist financiers.

Government officials said in interviews that the effort, which grew out of a brief, little-noticed provision in the intelligence reform bill passed by Congress in December, would give them the tools to track leads on specific suspects and, more broadly, to analyze patterns in terrorist financing and other financial crimes. They said they were mindful of privacy concerns that such a system is likely to provoke and wanted to include safeguards to prevent misuse of what would amount to an enormous cache of financial records.

Please visit the link provided for the complete story.

International bank wires are something that aren't used often by ordinary citizens, so I don't really see a major privacy issue with this development. The government should pursue reasonable methods to track and shut down the means of funding terrorism.

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posted on Apr, 10 2005 @ 05:01 PM
Now you can bet your last Dollar or Euro that the Feds. will not stop here. I would dare to say that before long, they will be requesting and getting anyones fianical records they ask for under the guise of it being "Terror related." I am suprised by the fact that it has not been reported any sooner.
All of those little legal ways of hiding money will probaly just be dust in the wind if Bush & Co. get their way. I thought that the GOP was into taking from the poor and giving to the rich. For Bush & Co. this is just another way of pushing that agenada of theirs through. I just wonder where the current administration will be hiding their spoils from Iraq. Maybe they can take banking and accounting lessons from Haliburton.

posted on Apr, 10 2005 @ 05:09 PM
Yeah another more Right for the government to get into your business under the disguised of "fight on terror"

They want to know if you are robing the profiteers in the US when you bank outside the nation.

After all you can not leave Uncle Sam without its share of your goods.

For us poor Americans or the very wealthy we don't haver to worry a thing, while poor Americans can not afford foreign investments, the very wealthy get away with it because they are part of the government.

posted on Apr, 10 2005 @ 05:25 PM
The Feds already have access to domestic bank records--and any financial transaction, including deposits, withdrawals, securities purchases/sales--even casino payouts. All financial transactions greater than $10,000 have been reported to the IRS for years via Currency Transaction Reports--and suspicious activity was in turn reported to various Federal Agencies.

This information has been turned over to the FBI for terror investigations and for data mining purposes--it is not protected in any way, shape or form.

As part of the anti-money-laundering provisions in the Patriot Act, brokerage firms and banks had to monitor international (and all) accounts more closely as they would also be held liable if these accounts were found to be guilty of terrorist acts--which would entail losing their license, tremendous fines, and jail for the boards and people responsible.

Although firms have collectively invested BILLIONS of dollars in the monitoring technology necessary to comply with this rule--and they are complying for fear of being put out of business in case of a slip-up, the government feels that this isn't enough. This rule is a slap in the face because it requires additional technology and investment to comply.

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