Portugal soon must adopt new EC rules on bank transfers which intrude further into citizen’s lives.
The current €10,000 limit below which citizen’s bank account movements remain of no concern to the Bank of Portugal, is to be lowered to €1,000 in an EC rule that has used the twin excuses of ‘HSBC money laundering’ and ‘funding terrorism.’
Portugal’s banks now will have to record details of each transfer or deposit of over €1,000 and confirm the names and identification details of both parties involved.
The new regulations dictated by Brussels are binding on all member states, including Portugal, and must be in place within two years.
One of the excuses for this new intrusion into the private lives of all Europeans is the scandal involving HSBC, whose Swiss branch helped clients hide billions of euros, 220 of the account holders being Portuguese or linked to Portugal.
On adoption of the new regulations, which will create a rise in operating costs for all banks that inevitably will be passed on to their customers, transfer data will be monitored, logged, checked out and reported within ten days.
The new rules do not make clear the expected impact on money laundering or on the financing of international terrorism but Brussels did say that "in cases of financing terrorism the amounts are often small in order to be hardly detectable by the authorities."
Now the bar is set lower, transfers for nefarious activities will no doubt all be for €9,999 or less and Portugal's tax department will be delighted that this information soon will exist.
Comments
What i been telling you all along!
Police state is now right on top of everyone, and its only the start.
Soon there going to ban travel, you will need permission to travel from one part of the country to another part, and going abroad, you will have to get permission months in advance from your local police station.
Thell say its to stop terrorism, that will be the pre text as usual.
Soon cash will be outlawed entirely,nuts happening right now in denmark.
This is how it was under comunnism in ussr.
Dont believe me? You will soon enough.
Do you want live in world where you are watched, filmed, photographed, monitored, phone calls listened to, emails and letters opened, read, copied, passed around, your phone tracked and locations and movements logged, your house, wife kids land surveilled from the sky by local councill and police mini drones.
We have to stop this madness, you know it also!
So called goverments are out of control now.
Its time to escape outside of the matrix!
The amount of data will be staggering; probably it will be built into a monster database to be searched through when someone is under investigation for anything.
No one, that's who.
More completely useless bureaucracy from the pond life in Brussels.