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February 24th, 2012 - Drew Phillips-Declan McCullagh (Video and MP3 Loaded)
Drew Phillips and Ross Edwards give us an update from Liberty Forum in New Hampshire - Declan McCullagh History and Future of the Internet. Understanding why the communication of ANY information CAN NOT be stopped. BitCOIN etc.
Get Ready for the Ron Paul Powercast!
webcast, preceding Tuesday's Michigan and Arizona primaries, runs from
noon to midnight February 25 in conjunction with a 24-hour, $1 million
fundraiser to support the committee's Super Tuesday ad campaign, GOTV
efforts and election integrity
WOW - THIS VIDEO JUST ABOUT SAYS IT ALL!! :
RECAP OF EVENTS AT GOP PRESIDENTIAL DEBATE IN MESA, AZ ON
WEDNESDAY, FEBRUARY 22ND, 2012:
Ron and Carol Paul make an appearance at New Life Bible Church
Declan McCullagh is the chief political correspondent for
CNET, which is part of CBS Corporation. Previously he was a senior
correspondent for CBS News' Web
site. He became the chief political correspondent for CNET News in 2002 and lives in the
San Francisco area after spending over a decade in Washington, DC.
An award-winning journalist, McCullagh writes and speaks
frequently about technology, law, and politics. From 1998 to 2002, he
was Wired's Washington bureau
chief. Previously he was a reporter for Time Magazine, Time Digital
Daily, and The Netly News, as well as a correspondent for
HotWired. McCullagh previously wrote for the Taking
Liberties section of CBS News' Web site, the successor to a weekly
column he started in October 2008 titled Other People's Money.
McCullagh's articles have appeared in scores of publications
including The Wall Street Journal, The New York
Times Magazine, Playboy magazine, George
magazine, The New Republic, Communications of the
ACM, and the Harvard Journal of Law and Public
Policy. He has appeared on NPR's All Things Considered, ABC
News' Good Morning America, NBC Evening News, Court TV, and CNN. He
has taught as an Adjunct Professor of Law at Case Western Reserve
University in Cleveland, Ohio. He also has been a lecturer at American
University in Washington, DC where he has taught a graduate journalism
McCullagh moderates Politech, a well-known mailing
list looking broadly at politics and technology that he founded in
1994, and has been online since 1988. He was the first online reporter
to join the National Press Club; he participated in the first White
House dot com press pool; and was one of the first online journalists
to receive credentials from the press gallery of the U.S. Congress.
McCullagh has spoken at schools including Stanford University, MIT,
Harvard University, Georgetown University, the University of
Chicago, and Duke University, and has testified twice
before the Federal Trade Commission.
On July 21, 2011, the Financial Crimes Enforcement Network (FinCEN)
published in the Federal Register a final rule on definitions and other
regulations relating to money services businesses (Final Rule).1 The Final Rule amended the definition of "money services business" at
31 CFR 1010.100(ff). An entity may now qualify as a money services
business (MSB) under the Bank Secrecy Act (BSA) regulations based on its
activities within the United States, even if none of its agents,
agencies, branches or offices are physically located in the United
States. The Final Rule arose in part from the recognition that the
Internet and other technological advances make it increasingly possible
for persons to offer MSB services in the United States from foreign
locations.2 FinCEN seeks to ensure that the BSA rules apply
to all persons engaging in covered activities within the United States,
regardless of the person's physical location.
FinCEN is issuing this Advisory to advise financial institutions of
their obligations under the BSA when providing financial services to
foreign-located MSBs. Financial institutions should note the following:
To qualify as an MSB, a person, wherever located, must do business,
wholly or in substantial part within the United States , in one or more
of the capacities listed in 31 CFR 1010.100(ff).3 Relevant
factors include whether the foreign-located person, whether or not on a
regular basis or as an organized or licensed business concern, is
providing services to customers located in the United States.
Foreign-located MSBs are financial institutions under the BSA.
With respect to their activities in the United States, foreign-located
MSBs must comply with recordkeeping, reporting, and anti-money
laundering (AML) program requirements under the BSA. They must also
register with FinCEN.4
Foreign-located MSBs are subject to the same civil and criminal
penalties for violations of the BSA and its implementing regulations as
MSBs with a physical presence in the United States.
The Final Rule requires each foreign-located MSB to appoint a
person residing in the United States as an agent for service of legal
process with respect to compliance with the BSA and its implementing
The Final Rule became effective on September 19, 2011. Reporting,
recordkeeping and AML program requirements under the BSA now apply to
foreign-located MSBs. However, registration and the appointment of an
agent for service of legal process will not be required until the
revised registration form is available, which is currently planned for
release in early March 2012.
Financial institutions may find it necessary to update their AML
programs if they provide financial services to foreign-located MSBs or
engage in financial transactions with these entities.5 Financial institutions may find previously issued Guidance and
Advisories helpful when incorporating foreign-located MSBs into their
AML policies and procedures. In 2005, FinCEN and the federal banking
agencies issued guidance (Joint Guidance) on providing financial
services to MSBs operating in the United States.6 Additionally, financial institutions may find FinCEN's 2010 Advisory on
informal value transfer systems (IVTS) to be useful in determining if
their customers are operating as unregistered money transmitters.7
Suspicious Activity Reporting
Consistent with the standard for reporting suspicious activity under the
BSA, if a financial institution knows, suspects, or has reason to
suspect that a transaction conducted or attempted by, at, or through the
financial institution involves funds derived from illegal activity or
appears to be indicative of money laundering, terrorist financing, or
other violation of law or regulation, the financial institution should
file a suspicious activity report (SAR).8 As noted in the
Joint Guidance, financial institutions that provide banking services to
MSBs should file a SAR if they become aware that their customers are
operating as unregistered or unlicensed MSBs.9
Questions or comments regarding the contents of this Advisory should be
addressed to the FinCEN Regulatory Helpline at 800-949-2732. Financial
institutions wanting to report suspicious transactions that may relate
to terrorist activity should call the Financial Institutions Toll-Free
Hotline at (866) 556-3974 (7 days a week, 24 hours a day). The
purpose of the hotline is to expedite the delivery of this information
to law enforcement. Financial institutions should immediately report
any imminent threat to local-area law enforcement officials.
1 Definitions and Other Regulations Relating to Money Services Businesses, 76 FR 43585 (July 21, 2011). http://www.gpo.gov/fdsys/pkg/FR-2011-07-21/pdf/2011-18309.pdf.
2 Id. at 43588.
3 See 31 CFR 1010.100(ff)(1)-(7) for a full description of these activities.
4 See 31 CFR 1022.380 et seq.
5 See, Federal Financial Institutions Examination
Council (FFIEC) Exam Manual, pp. 307-313 (April 29, 2010). Although the
FFIEC Exam Manual is issued by the federal banking regulators regarding
AML requirements applicable to banks, it contains guidance that may be
of interest to other financial institution types that provide financial
services to foreign-located MSBs.
6 Advisory - Interagency Interpretive Guidance on
Providing Banking Services to Money Services Businesses Operating in the
United States (April 26, 2005). http://www.fincen.gov/statutes_regs/guidance/html/guidance04262005.html
7 FIN-2010-A011, Advisory - Informal Value Transfer Systems (September 1, 2010). http://www.fincen.gov/statutes_regs/guidance/html/FIN-2010-A011.html.
8 See e.g. 31 CFR 1020.320.
9 Supra at note 6.
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