-Caveat Lector-
They just want to lock down ALL money flow...the best thing
we can do is quit using the fed garbage and go back to
silver and gold among ourselves....push the corrupt bankers
right out...they have killed the country over and
over...Andrew Jackson was THE LAST American
President...ever...the rest are banks puppets...we need
total banking reform as a sincere concession to Liberty here
or there will be war in the streets and soon.
Das GOAT wrote:
>
> -Caveat Lector-
>
> Money Transmitters Must Now Register
>
> By MARCY GORDON
> .c The Associated Press
>
> WASHINGTON (AP) - Big cash transmitters like Western Union and thousands of
> storefront check-cashing and money order operations now will be required to
> register with the government as part of a Treasury Department move to disrupt
> money laundering by drug traffickers.
>
> Treasury officials announced the regulation Wednesday. It stems from
> legislation enacted in 1994 as lawmakers became aware that parts of the
> multibillion-dollar money-services business have been used by drug
> traffickers to illegally transfer large amounts of cash.
>
> The officials view the new rule as a strike at the ``Achilles heel'' of
> organized crime - the need to convert illegal and unusable proceeds into
> usable funds. An estimated $57 billion in drug money is laundered each year.
>
> Elisabeth Bresee, assistant Treasury secretary for enforcement, said some
> drug traffickers have moved their money laundering from banks to
> money-services businesses as banking regulations have been tightened.
>
> ``The money launderers are creative,'' she told reporters in a conference
> call. ``That's why we're trying to cut off all avenues.''
>
> The money-services businesses will have more than two years to register with
> Treasury's Financial Crimes Enforcement Network, known as FinCen. The
> requirement will take effect on Dec. 31, 2001.
>
> Failure to register will be considered a crime, punishable by fines of $5,000
> a day and up to five years in prison.
>
> ``The great majority of money-services businesses in the United States are
> law-abiding,'' said FinCen Director James F. Sloan.
>
> The officials estimate the rule will apply to 5,000 to 8,000 businesses
> nationwide, including big corporations such as Western Union, American
> Express and Travelers Express/MoneyGram as well as independent storefront
> operations.
>
> The businesses, which transmit money, sell and redeem money orders and
> traveler's checks, cash checks and exchange foreign currency, account for an
> estimated $200 billion a year in transactions.
>
> By requiring the businesses to register with the government every two years,
> the officials said they will get the first comprehensive look at the
> money-services industry - where the companies are, who owns them and what
> services they provide.
>
> That will help law enforcement authorities discover where money laundering
> may be occurring and the risk of prosecution could drive ``underground''
> businesses into the open, they said.
>
> The businesses also will be required to provide lists of their authorized
> agents starting Jan. 1, 2002.
>
> The new rule builds on a special emergency order that Treasury put into
> effect in 1996 after evidence showed that some money transmitting businesses
> and their agents in New York had engaged in a scheme to move drug money to
> Colombia. The temporary order required some money transmitters in the New
> York area and Puerto Rico to report information about all transmissions to
> Colombia and the Dominican Republic of $750 or more.
>
> A dozen transmitting businesses were discovered to be sending $800 million a
> year to Colombia, far more than would be normal for people to send home to
> relatives, Ms. Bresee said.
>
> Under existing law, money-services businesses must report any currency
> transactions exceeding $10,000. Treasury postponed a decision on a proposal
> that would lower that threshold.
>
> Peter Ziverts, a spokesman for Western Union, said the new rule was ``not too
> onerous'' for the company and its 26,000 agents in the United States.
>
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DECLARATION & DISCLAIMER
==========
CTRL is a discussion and informational exchange list. Proselyzting propagandic
screeds are not allowed. Substance�not soapboxing! These are sordid matters
and 'conspiracy theory', with its many half-truths, misdirections and outright
frauds is used politically by different groups with major and minor effects
spread throughout the spectrum of time and thought. That being said, CTRL
gives no endorsement to the validity of posts, and always suggests to readers;
be wary of what you read. CTRL gives no credeence to Holocaust denial and
nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
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