Hi guys, In Portugal our actual government is trying to push a law that gives the state legit access to bank accounts that hold more than 50.000 euros, without any warrant, suspicious or similar. For this there's no need of evidence or even possible indications that the person is a criminal. No, if you've more than 50.000 the government has legit right to access your bank details without any court involvement. There's a big controversy around this, and this is my opinion: it's the government who should present a case indicating evidences that you're a criminal. This way, it's us, citizens, who've the obligation to defend and explain why we've 50.000 euros. Is there anything similar in the USA? Before funny replies: i'm talking about legal right, not backdoors access or NSA stuff.
Eh, the US has the Bank Secrecy Act. Basically: Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
Damn, i didn't know about that. But that's money activity, right? The law i've mentioned doesn't involve money activity, just the hold of 50.000 or more. I know we've a similar law to money activity. Can't tell your now the right amount but if you go to a bank agency to deposit 10.000 i know they have to ask you a justification, so i guess our limit is lower than yours (which make sense). The 50.000 could came from a couple saving 250 euros per month during 10 years. And that's 250 euros activity, not 10.000 :/
Yeah, I think in the US the government can only see that kind of thing if you are audited by the IRS. It's a very similar process to what you've outlined above. Provided the Portuguese government does not have the ability to take money out or place money into your account without your authorization or knowledge. If so, that's strange. If not, I don't see what the problem is if the transactions you've been performing are legal.
