Warren Misses Details on Bank Secrecy Act
ConclusionStopping criminal activity is certainly a valid pursuit, but the Bank Secrecy Act regime has done, at best, little more than flood law enforcement with millions of unnecessary reports. It is an ineffective and inefficient way to focus resources. Senator Warren closed her argument by reintroducingher bill to expand these reporting requirements and further diminish financial privacy, but it ’s just as flawed now as it was last year.All members of Congress should take careful note of a letter organized by Fight for the Future earlier this year. In that letter, the group warned: “Should cybercriminals successfully tempt the United States to abandon the human right to privacy and the U.S. Constitution, everyone will lose.” Unfortunately, the specter of crime has often overshadowed the true crimes taking place and led to over expansions of government. And unfortunately, t he Bank Secrecy Act has been a near perfect example of a mere threat expanding the government’s reach. It’s time to carve a better future, not double down on old mistakes.For more on the history of the Bank Secrecy Act, see “Revising the Bank Secrecy Act to Protect Privacy and Deter Criminals. ”
Source: Cato-at-liberty - Category: American Health Authors: Nicholas Anthony Source Type: blogs
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