Plan to access banking records sure to spark Congressional review (UPDATED 4-10)
By Andrew Cochran
Today's New York Times story (registration required - see other story here) on the Bush Administration's possible plans to seek access to international banking records will surely spark many phone calls and visits to Capitol Hill. The plan was authorized in section 6302 of the new intel reform act, titled, "Reporting of Certain Cross-Border Transmittal of Funds." It says that the Treasury Secretary "shall prescribe regulations requiring such financial institutions as the Secretary determines to be appropriate to report to the Financial Crimes Enforcement Network certain cross-border electronic transmittals of funds, if the Secretary determines that reporting of such transmittals is reasonably necessary to conduct the efforts of the Secretary against money laundering and terrorist financing." But the authorization is not open-ended - the Treasury Secretary has to report to the relevant Congressional committees before implementing the plan. The U.S. Senate Banking Committee, chaired by Sen. Richard Shelby, has already planned a series of hearings on terrorist financing hearings in the next two months, and this will fit nicely into their plans. Expect the U.S. House Financial Services Committee (where I worked for almost 3 years), chaired by Rep. Michael Oxley, to extensively also question the plan. The full text of the intel reform act is in the left sidebar. I'll have more about this in the coming days. UPDATE, 4/10: Today's WSJ (sorry, paid subscription) reports that federal regulators will meet with industry on this at the May 18 meeting of the Bank Secrecy Act Advisory Group, which includes all the players.
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