Re: [privacy] What bank reported Spitzer to the IRS?

["Dennis Henderson" <hendomatic () gmail com>]

On Wed, Mar 12, 2008 at 9:25 AM, Manichattan <manichattan () gotham us> wrote:

> Apparently the terms "cash transaction" and "wire
> transfers" can be used interchangably.
>
> It doesnt seem as if he went to the ATM 3 times.
> This could explain why the bank 'had' to report it.
>
> I wonder if the same red flag would have been risen in 3 other scenarios:
>
> 1. If he had taken cash out of the bank himself.
> There, in fact, all still legitimate reasons to have to pay in cash.
>
> 2. If he had made just one 10,000 transaction, it may have been reported
> to the IRS, but that could have been easily "explained" somehow.
>
> 3. If the 'suspicious' transfers had been to a New Jersey Interior
> Decorating
> firm that had a 'shell company' in Manhattan.
> In other words - were the banks somehow tracking tranfers to this
> particular company?
> It seems ridiculous that with all of the companies doing business from
> 'shell companies' that this would be a big deal.
>
> Otherwise the international shipping industry would not be able to
> function.
> Nor would organized crime, nor would spammers.
SAR laws and Patriot officer are only US based. All kinds of money
laundering can go on  around the world. The countries all have their own
laws and methods for dealing with it. There are some levels of
cooperation(as we saw with SWIFT and the FEDs).




> It seems to me that Spitzer was singled out somehow.
He was a diamond found in the rough of an investigation of the front company
dealing of the prostitution ring. His overt financial transactions were in
plain sight. Since he is a public figure(the friggin governor fer christs
sakes), it was a huge find, no doubt.



> If I am wrong, or if I am missing something obvious, I apologize.
>
> -manichattan
I'll try to get some more lowdown on the behind the scenes on this. No
promises, just depends on how chatty my OCC contact wants to be.

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