International money transfers to the US may be checked by authorities

All international money transfers both into and out of the United States may soon have to be reported to the Treasury Department.

The Obama administration is considering expanding the rules covering the reporting of money transfers of all sizes in a bid to tighten counter-terrorism measures.

According to the New York Times, the proposed regulations would require banks to report all international money transfers they deal with to the relevant Treasury authorities, regardless of their size or whether or not they are deemed to be suspicious.

It is hoped that such a move would further help the authorities to detect possible funding of terrorists operating in the country, as well as give them an extra tool with which to fight money laundering and tax evasion.

Should the proposals be put into action, it is anticipated that up to 300 banks and 700 businesses involved in international money transfers will be required to contribute information to a central database.

Posted by Thomas Smith

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