Legion Troll
A fine upstanding poster
Section 326 of the Patriot Act — which expressly targets “international money laundering” and “terrorist financing” — empowers the Treasury Secretary to prescribe rules that financial institutions must follow in identifying people who open accounts and use them to move money.
Trump figures all he needs to do is rewrite the relevant regulation.
Our would-be chief executive’s memo explaining this to the Post features his signature attention to detail: It twice cites the regulation in question, but misidentifies it both times — it is actually 31 CFR 103.121, not 31 CFR 130.121. The latter provision does not exist in the Code of Federal Regulations.
The regulation as currently written incorporates Congress’s statutory definition of a “financial institution.”
Trump would unilaterally expand this definition in order to rope in “money transfer companies like Western Union.”
He would also stretch the regulation’s definition of “account” to cover “wire transfers.”
Finally, he would tack on a new prohibition against cross-border wire transfers by aliens “unless the alien first provides a document establishing his lawful presence in the United States.”
http://www.nationalreview.com/article/433877/donald-trump-border-wall-plan-ridiculous-guaranteed-failure
Trump figures all he needs to do is rewrite the relevant regulation.
Our would-be chief executive’s memo explaining this to the Post features his signature attention to detail: It twice cites the regulation in question, but misidentifies it both times — it is actually 31 CFR 103.121, not 31 CFR 130.121. The latter provision does not exist in the Code of Federal Regulations.
The regulation as currently written incorporates Congress’s statutory definition of a “financial institution.”
Trump would unilaterally expand this definition in order to rope in “money transfer companies like Western Union.”
He would also stretch the regulation’s definition of “account” to cover “wire transfers.”
Finally, he would tack on a new prohibition against cross-border wire transfers by aliens “unless the alien first provides a document establishing his lawful presence in the United States.”
http://www.nationalreview.com/article/433877/donald-trump-border-wall-plan-ridiculous-guaranteed-failure
