U.S. Financial Crisis Happening RIGHT NOW

#AFN2014

SWIFT: ‘ No Authority to Cut Russia or Israel From the International Global Payment System ‘

#AceBreakingNews – October 06  – SWIFT will resist barring Russian and Israeli banks from the global payments system, as it has ‘no authority’ to make unilateral sanctions decisions, the Belgium-based group said Monday.

“As a utility with a systemic global character, it has no authority to make sanctions decisions,” the statement said, stressing that the group is a ‘’neutral global cooperative company” in a statement released on Monday

“SWIFT services are designed to facilitate its customers’ compliance with sanctions and other regulations, however SWIFT will not make unilateral decisions to disconnect institutions from its network as a result of political pressure,” the communique said.

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is currently one of Russia’s main connections to the international banking system, and if turned off, could hurt Russia’s economy, in the short-term.

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#acefinancenews, #russia, #swift, #the-society-for-worldwide-interbank-financial-telecommunication-swift

UNITED STATES: ‘ IRS Wrongly Withheld Information in Hundreds of Freedom of Information Cases ‘

#AceFinanceNews – UNITED STATES (Washington) – October 06  – The Internal Revenue Service wrongly withheld or failed to adequately search for records in hundreds of Freedom of Information Act requests, while accidentally releasing sensitive taxpayer information in other instances, an independent government watchdog found.

In a review of IRS compliance with the Freedom of Information Act released Thursday, the Treasury Inspector General for Tax Administration (TIGTA) reported the agency “was not consistent in its service to individuals who requested information under the FOIA/Privacy Act.”

TIGTA sampled FOIA requests to the IRS and found 11 percent “in which taxpayer rights may have been violated because the IRS improperly withheld or failed to adequately search for and provide information to the requests.”

“When the sample results are projected to their respective populations, approximately 336 FOIA/Privacy Act and 17 I.R.C. § 6103 information requests may have had information erroneously withheld,” the report states.

Source:

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#foia, #freedom-of-information-actfoia, #inland-revenue-service-irs, #irs, #united-states, #washington