Skip to comments.Bill would close a major loophole for smugglers
Posted on 04/23/2010 10:38:46 PM PDT by HiJinx
A bill introduced Friday by U.S. Rep. Gabrielle Giffords aims to curb the flow of drug money across U.S. borders by closing a loophole that lets money in stored value cards go undeclared.
The bill, dubbed the Stored Value Device Registration and Reporting Act of 2010, has three major provisions.
The bill would count money stored in pre-paid cards or other devices as any other monetary instrument. A loophole in the current law allows these devices to slip through undeclared and unregulated, Giffords said.
Anytime a stored value device is issued in excess of $10,000 in the U.S., the issuer must register the card number and the amount with the Treasury Department.
Finally, the bill would require a study to track the flow of money and how its being used. The cost of this last provision isn't clear, said Giffords, who is co-sponsoring the bill with a California representative.
Failure to declare the money could result in a five-year prison sentence.
Man, you’re quick!
Is this just a way to legally tap into every Master Card, Visa, AmEx and Discover transaction in the country to look through them?
I wouldn’t put it past her.
Watch a lot of nasty stuff get proposed now under the guise of solving the illegal problem.
What we need is a 100% tax on all money sent to Mexico to cover social services costs ie; (medical, education, incarsaration etc).
Look, the puppet speaks!
Forget it Gabby, we’re sending you back to Houston ( to be with her husband), and you can make up other fanciful stories for your dollies to play.
If illegals are not going to register at the border, do you think they are going to register their ill-gotten gains with the treasury. Dream on.
“Yeah, right, Gabby. That’ll keep those blood-thirsty drug king-pins on their own side of the Border!! “
Obamacare/Amnesty Giffords in a futile effort to use her pea sized brain ;-)
Let’s get it over with!!
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