Feds snooping in your bank accounts?

[KBCraig]

http://www.usatoday.com/printedition/news/20080312/a_financial12.art.htm

Right now, feds might be looking into your finances
Banks tip off government to possible money laundering, fraud

By Thomas Frank
USA TODAY

WASHINGTON — Each year, federal agents peek at the financial transactions of millions of Americans — without their knowledge.

The same type of information that raised suspicions about New York Gov. Eliot Spitzer is reviewed every day by authorities to find traces of money laundering, check fraud, identity theft or any crime that may involve a financial institution.

As concerns about fraud and terrorist financing grow, an increasing number of suspicious deposits, withdrawals and money transfers are being reported by banks and others to the federal government. Banks and credit unions as well as currency dealers and stores that cash checks reported a record 17.6 million transactions to the Financial Crimes Enforcement Network in 2006, according to a report from the network, a bureau of the U.S. Treasury Department.

"I don't think Americans understand that their financial transactions are being reported and routinely examined," said Barry Steinhardt of the American Civil Liberties Union.

The Treasury Department's database now contains records of more than 100 million financial transactions going back to at least 1996, said network spokesman Steve Hudak.

(Much longer story at link above.)

[mackler]

Wow.  As if there weren't already enough reasons to not do business with banks.