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

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 planning document.

A Treasury spokesperson said U.S. law permits FinCEN to share information with intelligence agencies to help detect and thwart threats to national security, provided they adhere to safeguards outlined in the Bank Secrecy Act. "Law enforcement and intelligence community members with access to this information are bound by these safeguards," the spokesperson said in a statement.

Some privacy watchdogs expressed concern about the plan when Reuters outlined it to them.

A move like the FinCEN proposal "raises concerns as to whether people could find their information in a file as a potential terrorist suspect without having the appropriate predicate for that and find themselves potentially falsely accused," said Sharon Bradford Franklin, senior counsel for the Rule of Law Program at the Constitution Project, a non-profit watchdog group.

Despite these concerns, legal experts emphasize that this sharing of data is permissible under U.S. law. Specifically, banks' suspicious activity reporting requirements are dictated by a combination of the Bank Secrecy Act and the USA PATRIOT Act, which offer some privacy safeguards.

READ ENTIRE ARTICLE HERE: http://www.reuters.com/article/2013/03/13/usa-banks-spying-idINDEE92C0EH20130313

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commented 2013-03-14 01:16:14 -0400 · Flag
Ed writes:

It does seem to grow more like a police state everyday. Seems like we have let the fear and politician turn the US into a police state.

We need to go back to part time law makers (return to private industry each year so that they have to live with the policies they set) and cap term limits on all representatives to no more than one generation.

The modern Politicians two main tools are fear and pandering. “Ill keep you safe, Ill give you entitlments”. When more than half our citizen bretheren believe that promise, we are destined for more of this decay.
commented 2013-03-14 01:14:50 -0400 · Flag
DP writes:

Rule of capricious men, not rule of law. We are here, at a threadbare counterfeit of what our founders created, run by stewards who are thoroughly ignorant of the constitution and its philosophical groundings, and wholly contemptuous of the few constitutional vestiges they are aware of.

Our founders would have razed this place for a fraction of the violations that the lumpen citizenoriat accepts in their dead-eyed idiocy.

I am ashamed of the majority of these zeros we know as countrymen.
commented 2013-03-14 00:59:11 -0400 · Flag
Beauforde writes:

this is the point where the curtain has been drawn back and the Central State Matrix (CSM) Zombies have exposed themselves for what they are…a predatory class unto themselves…indoctrinated government automatons…subverting the Constitution and tyrannically lording over the cowed citizenry…
commented 2013-03-14 00:57:21 -0400 · Flag
VM writes:

Interesting how we hear there is no “war on terror” and there is “islamophobia” in the us at the same time they trying to find the cash trails of terrorist groups – how can these both happen simultaneously?? Are there terrorists or not??!! Goodness gracious!!!