30 Oct '12, 12pm

US govt's pre-paid declaration plans questioned via @dgwbirch @marchochstein #bitcoin #storedvalue

US govt's pre-paid declaration plans questioned 19 hours ago | 1380 views | 1 The feasibility of US government plans that would require travellers to add pre-paid card balances to declaration reports when they cross borders have been called into question. Last October the Treasury's Financial Crimes Enforcement Network (FinCen) outlined plans to expand the scope of its cross-border reporting requirements - designed to combat money laundering and terrorist financing - to include "tangible pre-paid access devices". However, the enforceability of such a rule, which could come into play by the end of the year, has been questioned by, among others, Cynthia Merritt, assistant director of the Retail Payments Risk Forum at the Federal Reserve Bank of Atlanta. In a blog post , Merritt asks: "How can you tell how much money is loaded on the prepaid card to validate the declared valu...

Full article: http://www.finextra.com/News/Fullstory.aspx?newsitemid=24226

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