United States v. San Juan

COFFRIN, District Judge.

This case raises questions regarding the constitutionality of the Bank Secrecy Act which were left unanswered by the Supreme Court in California Bankers Assn. v. Shultz, 416 U.S. 21, 94 S.Ct. 1494, 39 L.Ed.2d 812 (1974). The Act (Pub.L. 91-508; 81 Stat. 1121), now codified principally in 31 U.S.C. §§ 1051, 1052, 1081-83, 1101-05, 1121, 1122, empowers the Secretary of the Treasury to promulgate regulations requiring record keeping and reporting of a wide range of domestic and foreign monetary transactions “where such reports or records have a high degree of usefulness…