Privacy? Who needs it?
U.S. secretly tracks world's money web / Looking for evidence of terrorist activity, Treasury Department uses subpoenas to spy on suspicious wire transfers between banks:
The U.S. government, without the knowledge of many banks and their customers, has engaged for years in a secret effort to track terrorist financing by accessing a vast database of confidential information on transfers of money between banks worldwide.
The program, run by the Treasury Department, is considered a potent weapon in the war on terrorism because of its ability to clandestinely monitor financial transactions and map terrorist webs.
Current and former officials at multiple U.S. agencies acknowledged the program's existence but spoke on condition of anonymity, citing its sensitive nature. "We're very, very protective of it," said a senior U.S. official. "It is extremely valuable."
After the Los Angeles Times and other media outlets reported the existence of the program Thursday night, the Treasury Department issued a statement describing the broad subpoenas used to collect the financial records as "a legal and proper use of our authorities."
The program is part of an arsenal of aggressive measures the government has adopted since the Sept. 11 terrorist attacks that yield new intelligence, but also circumvent traditional safeguards against abuse and raise concerns about intrusions on privacy.