Wednesday, March 13, 2013

Obama To Expand Ability Of Spy Agencies To Snoop Into Americans' Personal Finances

Before you feel sorry for First Lady Michelle Obama, Vice President Joe Biden or FBI Director Robert Muehler because their financial credit reports were illegally accessed and leaked to the public, take a look at the additional power President Obama plans to give to our nation's spy agencies to look into your personal finances. According to Reuters, the Obama administration is drawing up plans that will allow the CIA and the NSA full access to a massive government database that contains financial data on every American citizen and other persons who bank in the United States.
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 . . .

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.

National security experts also maintain that a robust system for sharing criminal, financial and intelligence data among agencies will improve their ability to identify those who plan attacks on the United States . . .
How much longer will the Left continue to make excuses for the decimation of our fundamantal rights by this dictator? He has no respect for the basic fundamental rights all citizens are supposed to be guaranteed under our U.S. Constitution. What people must understand is that the CIA and the NSA employ some of the most evil people in the world. These agencies are at war with the American people. They aren't carrying on activities to protect our national security interests; they are engaged in a full out effort to collapse the U.S. economy and serve us up to their true masters--the New World Order. How many more innocent people must be killed and harmed through the false flag events staged by these undemocratic instrumentalities that operate without any transparency or any regard for the rights guaranteed our people in furtherance of their dark motives?

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