Proposal Would Expand Reporting of Money Transfers

Proposal Would Expand Reporting of Money Transfers - NYTimes.com
The Treasury Department on Monday proposed a requirement for banks to make weekly reports of all electronic money transfers into and out of the United States, Sewell Chan reports in The New York Times.

The expansion in data reporting is intended to help combat terrorist financing, money laundering and tax evasion, but doubts have been raised about the cost and effectiveness of the plan, as well as the potential impact on privacy.