By using this website you allow us to place cookies on your computer. Please read our Privacy Policy for more details.
Publication Date: July 2006
Publisher: Library of Congress. Congressional Research Service
Author(s):
Research Area: Banking and finance
Type:
Abstract:
Recent press reports have raised questions about the Department of the Treasury's Terrorist Finance Tracking Program's access to information on international financial transactions held by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a Brussels-based organization owned by banks in many countries, which serves as a hub for international funds transfers. Its records contain names, addresses, and account numbers of senders and receivers of international wire transfers between banks and between securities firms, thus providing a useful source for federal officials responsible for following money trails across international borders. On June 29, 2006, the House of Representatives passed H.Res. 895 voicing support for the Treasury program as fully compliant with all applicable laws; condemning the unauthorized disclosure of classified information; and calling upon news media organizations not to disclose classified intelligence programs. H.Res. 904 was introduced to discourage government censorship of the press. This report addresses these issues and will be updated as legislative events merit.