WEB All individual banking activity over $10k is automatically reported to the Treasury
Breaking News
Government takes new step to track financial transactions
In a move that will likely raise concerns about privacy, the Treasury Department has announced that all individual banking activity over $10,000 will be automatically reported to the agency. The new rule is intended to help the government track down potential money laundering and terrorist financing activity, but critics say it could also lead to innocent Americans being unfairly targeted.
The rule, which will take effect in 2023, will require banks to report all transactions over $10,000 to the Treasury's Financial Crimes Enforcement Network (FinCEN). FinCEN will then use the data to identify suspicious activity that could be related to money laundering or terrorist financing.
The Treasury Department says that the new rule is necessary to help the government track down and stop financial crime. The agency says that money laundering is a major problem, with an estimated $300 billion laundered through the U.S. financial system each year. Terrorist financing is also a major concern, with the government estimating that terrorist groups have raised billions of dollars in recent years.
Critics of the new rule say that it could lead to innocent Americans being unfairly targeted. They say that the government already has a number of tools to track down financial crime, and that the new rule is unnecessary.
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