0 U.S. Bank Transfer Strengthen Monitoring

U.S. Bank Transfer Strengthen Monitoring

U.S. authorities signaled strengthening bank monitoring all transactions to and from the United States as part of the anti-terror movement reignite privacy concerns.

According to a recent statement, the Implementing Network Financial Crimes (Financial Crimes Enforcement Network / FCEN) The U.S. Treasury Department has asked banks to report international transactions of equal or more than 1,000 dollars.

At the time, transactions under $ 10,000 are not reported to U.S. authorities. It is a concern among counterterrorism officials. "Regulatory plan will greatly assist law enforcement in detecting and scrape out transnational organized multinational drug cartels, terrorist financing and international tax evasion," said network director James Freis.

The proposed rules would become law began in 2012 after a couple of legislative hurdles, but these rules have started to face fierce resistance. "This exceeded our outstanding by the U.S. government," said Marc Rotenberg, director of the Electronic Privacy Information Center, based in Washington.

Rotenberg said, it is also likely to renew a long-standing battle between the U.S. and Europe over the disclosure of financial transactions by European customers to U.S. federal agencies.

Europe and America have been locked in a fierce negotiating the use of information provided via the Society for Worldwide Interbank Financial Telecommunication (SWIFT) associated with the trillions of dollars in daily transactions involving the 8000 global bank.

In 2006, the Belgian privacy protection commission found that SWIFT had violated Belgian privacy rules, transferring bank records to the U.S. authorities for use in anti-terrorism investigations.

SWIFT admitted to U.S. authorities have provided data with the value of "limited" behind the September 11 attacks in 2001 for the purpose of fighting extremists.

Sources: ANT, AFP