Right now, feds might be looking into your finances

Right now, feds might be looking into your finances

Banks tip off government to possible money laundering, fraud

By Thomas Frank USA TODAY

WASHINGTON - Each year, federal agents peek at the financial transactions of millions of Americans - without their knowledge.

The same type of information that raised suspicions about New York Gov. Eliot Spitzer is reviewed every day by authorities to find traces of money laundering, check fraud, identity theft or any crime that may involve a financial institution.

As concerns about fraud and terrorist financing grow, an increasing number of suspicious deposits, withdrawals and money transfers are being reported by banks and others to the federal government. Banks and credit unions as well as currency dealers and stores that cash checks reported a record 17.6 million transactions to the Financial Crimes Enforcement Network in 2006, according to a report from the network, a bureau of the U.S. Treasury Department.


formatting link

Reply to
Monty Solomon
Loading thread data ...

And, your point is? They have been doing this since the 1970s.

***** Moderator's Note *****

The point is that there are more reports than before: the _capability__ has been there for a while, but now a lot more people are putting information into the system, based on their own judgement of what is suspicious.

Which calls to mind an old song:

Paranoia strikes deep Into your heart it will creep It starts when you're always afraid You step out of line, the men come and take you away

Buffalo Springfield

Bill Horne Temporary Moderator

(Please put [Telecom] at the end of the subject line of your post, or I may never see it. Thanks!)

Reply to
Sam Spade

Actually, the point is that they're doing much more of it than they did in the 1970s because (1) computers are more powerful and have the capability to do the searches they want and (2) people do many more transactions electronically or credit card. In the 1970s the transaction in question would've been paid in cash.

The NY Times went into the process in detail.

Another point is that many of the laws and processes have been extended and amplified since and as a result of 9/11. Some critics were fearful of the loss of civil liberties. It was justified on the grounds that fighting terrorism was very important.

I'm not sure how high priced hookers are relevant to the fight against terrorism.

This issue has come in other newsgroups. Nobody seemed concerned about the loss of privacy or govt oversight. I find that disturbing. Maybe someone could explain why this sort of thing is necessary. In other words, sure if a trail looks like a terrorist, follow it as necessary. But if the trail is non-terrorist, as this one turned out to be, close the investigation.

In other words, say a dept store monitors changing rooms to prevent store theft. Once it is clear that the customer isn't a thief, there is no need to follow that customer home.

Reply to

Cabling-Design.com Forums website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.