by Rick Ungar, Forbes
There are times when it becomes absolutely impossible to support the remarkably bad judgment often displayed by federal agencies under the control of the current administration—even for those of us who are typically viewed as backers of many of this administration’s policies.
The latest installment of frightfully unacceptable government behavior involves a law created in 2000—the Civil Asset Forfeiture Reform Act of 2000—granting the IRS the power to seize the bank accounts of those suspected to be terrorists, drug dealers or engaged in other criminal activity, even when no charges have been filed and no convictions achieved.
The idea behind the law was to require banks to alert federal authorities to patterns of bank deposits that remain slightly below the $10,000 amount that has long triggered a bank’s responsibility to report deposits to the feds.
Knowing that bad guys are sufficiently savvy to avoid detection of large deposits by making frequent bank drops below the amount triggering reporting, the law empowers the IRS to look for patterns of frequent deposits—often made over the course of a day—that appear designed to avoid detection. Read the entire story.