Financial Crimes Enforcement Network of USA Attacks International Banking Again
Panama Legal
Executive Summary – The Financial Crimes Enforcement Network (FINCEN) of the USA is proposing to amend the rules of the Bank Secrecy Act enabling them to enhance their financial terrorism. This is not a new law just rulemaking so it will go through. The rule in discussion can be found here:
If the link goes bad you can search www.federalregister.gov for:
[Federal Register: November 16, 2009 (Volume 74, Number 219)] [Proposed Rules] [Page 58926-58931] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr16no09-14]
The Details – This is mainly but not exclusively financial terrorism aimed at the EU banks. This is based on EU – USA Mutual Legal Assistance treaties and tax treaties as well. There is mention of certain EU nations creating a database of all bank accounts in their country so the USA can quickly and easily search these databases and of course the USA is going to reciprocate with a database of their own allowing foreign powers to search the bank records of USA citizens for the ultimate removal of any thoughts of privacy.
Forget all this probable cause required or a requirement to show need. They are gearing up for fast information exchange in bulk based on nothing but calling nothing money laundering which can mean anything. The requirement to state the request is significant etc can be done online by checking a box something like an online terms of service box when making the request. This is an invasion of the USA citizen's rights to banking and financial privacy and the same for the EU.
It also allows foreign powers easy and broad access to USA person's financial records. I guess they cancelled the constitution completely in that there is no oversight by any impartial court or anything even so resembling one. The Americans are not secure against unreasonable searches and seizures. It looks like the Americans will tolerate just about anything including foreign powers investigating them.
Here a few choice excerpts from this rule change:
Article 4 of the U.S.-EU MLAT (entitled ``Identification of Bank Information'') obligates a requested Signatory State to search on a centralized basis for bank accounts within its territory that may be important to a criminal investigation in the requesting Signatory State. Article 4 also contemplates that Signatory States may search for information in the possession of a non-bank financial institution. Under Article 4, a Signatory State receiving a request may limit the scope of its obligation to provide assistance to terrorist activity and money laundering offenses, and many did so in their respective bilateral instruments with the United States. In addition, Article 4 makes clear that the United States and the EU are under an obligation to ensure that the application of Article 4 does not impose extraordinary burdens on States that receive search requests. Certain EU States are expected to accommodate search requests from the United States by querying a single centralized database, which identifies all bank accounts within that State. In negotiating the terms of Article 4, the United States expressly envisioned that EU member States would be able to access the information sharing process created by the implementation of section 314(a) of the Act. Expanding that process to include certain foreign law enforcement requesters would greatly benefit the United States by granting law enforcement agencies in the United States with reciprocal rights to obtain information about matching accounts in EU member States. Foreign law enforcement agencies would be able to use the 314(a) program in a way analogous to how Federal criminal law enforcement agencies currently access the program. Thus, a foreign law enforcement agency, prior to initiating a 314(a) query, would have to certify that, in the case of a money laundering investigation, the matter is significant, and that it has been unable to locate the information sought through traditional methods of investigation and analysis before attempting to use the 314(a) program. Fence also anticipates that the foreign request will be screened initially by a Federal law enforcement official serving as an attach[eacute] to the requesting jurisdiction. The application of these internal procedures will help ensure that the 314(a) program is utilized only in significant situations, thereby minimizing the cost on reporting financial institutions. b. Allowing State and Local Law Enforcement Agencies To Initiate 314(a) Queries
Read the absolute arrogance of the United States and how they plan to conduct their financial terrorism. Bear in mind money laundering has no clear definitions and can mean anything and everything including buying a hamburger. Quote is below:
Money laundering and terror-related financial crimes are not limited by jurisdiction or geography. Detection and deterrence of these crimes require information sharing across all levels of investigative authorities, to include State and local law enforcement, to ensure the broadest United States Government defense.
Now read how they plan to broaden the information sharing to include state and local law enforcement agencies. So any local jurisdiction like a country says something is money laundering and they get bank information records so they can use a treaty for the international collection of judgments to take money out of someone bank account. They go on to say that they get 350 requests for records each year now.
They think they will
reduce this since many of the requests are not significant. I think
this is nonsense and the requests will surge once automated. They of
course inserted a gag order so the financial institution who had the
records requested cannot disclose the records were requested even if it
was a foreign power requesting the records.
http://www.panamalaw.org
Article submitted Monday, November 23, 2009 & read 89 times.
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