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Post by Sapphire Capital on Nov 19, 2009 10:04:36 GMT 4
The Financial Crimes Enforcement Network is proposing to allow law enforcement agencies from certain non-U.S. jurisdictions, as well as domestic state and local enforcers, to submit information requests to U.S. financial institutions via FinCEN.
The information requests are intended to enable agencies to figure out whether a financial institution has established an account or conducted a transaction with a person reasonably suspected, based on credible evidence, of engaging in terrorist activity or major money laundering. The foreign jurisdictions covered by the plan include EU member states.
The proposal would broaden an existing program under section 314(a) of the Patriot Act, which is currently used by federal criminal law enforcement authorities. As has been the case until now, requesting agencies would have to certify that the matter is important and that they have been unable to locate the information using traditional methods of investigation and analysis.
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