Exclusive: U.S. plans to let spy agencies scour Americans' finances

[unhappycamper]

http://www.reuters.com/article/2013/03/13/us-usa-banks-spying-idUSBRE92C12720130313



Exclusive: U.S. plans to let spy agencies scour Americans' finances
By Emily Flitter and Stella Dawson and Mark Hosenball
NEW YORK/WASHINGTON | Wed Mar 13, 2013 6:51pm 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).

~snip~

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.

[LiberalEsto]

1. I hope they can refrain from laughing themselves sick

when they look at ours.

[Angry Dragon]

2. Perhaps I misunderstood the President when he talked about transparency

I thought he was talking about government when he was really talking about the masses being transparent

[Fuddnik]

3. Unless you're a drug money laundering bank.

Then, they'll wait for a dozen informers, whistleblowers, and Inspector Clouseau to give them a hint.

[Fuddnik]

4. Terrorist networks my ass.

[dixiegrrrrl]

5. Rec'ing for exposure.

[siligut]

6. And who is going to spy on the spies?

He said one of the problematic aspects of the plan is that there is "wiggle room" on how the information will be used. In the past, the National CounterTerrorism Center, which is supposed to ensure that critical threat information is shared among various agencies, was obliged to "promptly identify and purge any innocent U.S. person information."

But the guidelines were subsequently loosened so that "not only can they keep the data for a number of years, but they can continue to use it," German said.

Once spy agencies get such data, German said, "it's in a black hole. Time and again, we have evidence, unfortunately well after the fact, that somebody's civil rights have been violated, that the intelligence community simply ignores the rules."

There are 16 spy agencies? It seems to me that these agencies always have a conservative bent.

http://voices.yahoo.com/the-16-spy-agencies-usa-453349.html

[mbperrin]

7. Even more glad that we quit banking in 1978 now.

Nothin' but trouble.

[westerebus]

8. Like this is a surprise?

Have they found the $2 trillion the Pentagon misplaced as disclosed by Mr Rumsfield prior to...never letting a good crisis go to waste...