THIS IS AN INTERESTING TWIST TO THE OCTOBER SURPRISE:
FEDERAL LAW REQUIRES EVERY TRANSACTION OVER $10000 IN NEGOTIABLE MONETARY INSTRUMENTS TO BE REPORTED TO THE IRS ON A FORM 104. THIS IS TO PREVENT MONEY LAUNDERING, PARTICULARLY FROM FOREIGN AGENTS. THE BANK SECRECY ACT of 1970 WAS OTHERWISE KNOWN AS THE CURRENCY and FOREIGN TRANSACTIONS REPORTING ACT.
Why do campaigns not have money laundering rules that banks do? Any 'cash' transaction at a bank over $10000 must be reported on a Form 104 to the Internal Revenue Service. The Bank Secrecy Act of 1970 imposed these conditions to prevent money laundering. Yet, the Republicans unanimously voted on September 24, 2010 to prevent the DISCLOSE ACT of 2010 from coming to a vote in the Senate. The DISCLOSE ACT would have imposed reporting requirements on the unlimited 'donations' we now see flowing into political campaigns.
BANK TRANSACTIONS OVER $10000 MUST BE REPORTED:
Form 104 Currency Transaction Report (CTR): A CTR must be filed for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through or to a financial institution, which involves a transaction in currency of more than $10,000. Multiple currency transactions must be treated as a single transaction if the financial institution has knowledge that: (a) they are conducted by or on behalf of the same person; and, (b) they result in cash received or disbursed by the financial institution of more than $10,000. (31 CFR 103.22)
BUT REPUBLICANS KEEP UNLIMITED POLITICAL INFLUENCE SECRET:
H.R. 5175: DISCLOSE ACT To amend the Federal Election Campaign Act of 1971 to prohibit foreign influence in Federal elections, to prohibit government contractors from making expenditures with respect to such elections, and to establish additional disclosure requirements with respect to spending in such elections, and for other purposes.
CONGRESSIONAL 'RESULTS' ON SEPEMBER 24,2010:
The White House-backed DISCLOSE Act needed 60 votes to overcome a filibuster but fell short in a 59-39 roll call. All 39 votes against invoking cloture -- a procedure that overcomes the delaying tactic known as a filibuster -- were from Republicans.
HUFFINGTON POST: How The GOP Went From 48 To Zero In Support Of Donor Disclosure
$50,000 CASH DEPOSITED BY SAUDI OIL SHEIK IN A US BANK >>> FILE MANDATORY FORM 104 TO IRS!
$50,000 CASH HANDED BY SAUDI OIL SHEIK TO KARL ROVE AND CROSSROADS >>>> BINGO - KEEP IT SECRET!!
EVERY SINGLE REPUBLICAN SENATOR SUPPORTED POLITICAL MONEY LAUNDERING IN THE UNITED STATES BY VOTING AGAINST CLOTURE ON THE DISCLOSE ACT OF 2010. They must pay for this. Keep the October Surprise alive. Stop the Republicans, foreigners, and corporations from buying our government. We are on a roll!!!