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The National Money Laundering Strategy for 1999

By Summers, Lawrence H.

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Book Id: WPLBN0000657319
Format Type: PDF eBook
File Size: 482.75 KB.
Reproduction Date: 2005

Title: The National Money Laundering Strategy for 1999  
Author: Summers, Lawrence H.
Volume:
Language: English
Subject: Government publications, Economics., United States. Department of the Treasury--Appropriations and Expenditures.
Collections: U.S. Department of the Treasury Collection
Historic
Publication Date:
Publisher: United States Department of the Treasury

Citation

APA MLA Chicago

Summers, L. H. (n.d.). The National Money Laundering Strategy for 1999. Retrieved from http://netlibrary.net/


Description
Government Reference Publication

Excerpt
Foreword: Money laundering is the financial side of virtually all crime for profit. To enjoy the fruits of their crime, whether drug dealing, extortion, fraud, arms trafficking, terrorism or public corruption, criminals must find a way to insert the proceeds into the stream of legitimate commerce. This gives money laundering a dual importance. First, it provides the fuel that allows criminals and criminal organizations to conduct their ongoing affairs. It may seem like an antiseptic form of crime ? wire transfers at the touch of a computer button, the clever unbundling of large amounts of cash into bite-size chunks, the intricate movement of funds through a series of offshore shell companies. But make no mistake, it is the companion of brutality, deceit and corruption. As the President said in his October 1995 speech before the U.N. General Assembly, ?[w]e must not allow [criminal enterprises] to wash the blood off profits from the sale of drugs, from terror or organized crime.?

Table of Contents
Table of Contents Executive Summary ..................................................................................................................1 Background..............................................................................................................................9 Goal 1: Strengthening Domestic Enforcement To Disrupt the Flow of Illicit Money ......... 17 Concentrate Resources in High-Risk Areas.................................................................... 17 Propose Counter-Money Laundering Legislation to Address Domestic Money Laundering Concerns.............................................................. 21 Identify and Target Major Money Laundering Systems.................................................. 21 Target Major Domestic and International Money Launderers ....................................... 24 Enhance Inter-agency Coordination of Money Laundering Investigations..................... 25 Enhance the Collection, Analysis, and Sharing of Information to Target Money Launderers ............................................................................................. 28 Enhance and Support Efforts to Detect and Counter Currency Smuggling..................... 30 Intensify Training .......................................................................................................... 31 Goal 2: Enhancing Regulatory and Cooperative Public-Private Efforts to Prevent Money Laundering .......................................................................................... 33 Enhance the Defenses of U.S. Financial Institutions Against Use as an Instrument by International Criminal Organizations.......................................... 33 Assure that All Types of Financial Institutions Are Subject to Effective Bank Secrecy Act Requirements ......................................................................... 35 Continue to Strengthen Counter-Money Laundering Efforts of Federal and State Financial Regulators.......................................................................... 36 Increase Usefulness of Reported Information to Reporting Institutions.......................... 37 Strengthen and Adapt Internal Controls by Financial Businesses to Detect and Prevent Money Laundering .............................................................. 38 Ensure that Regulatory Efforts to Prevent Money Laundering Are Responsive to the Continuing Development of New Technologies....................... 38 Understand Implications of Counter-Money Laundering Programs for Personal Privacy................................................................................................ 39 Goal 3: Strengthening Partnerships With State and Local Governments to Fight Money Laundering Throughout the United States ........................................ 41 Provide Seed Capital for State and Local Counter-Money Laundering Enforcement Efforts........................................................................................... 41 Promote Joint Federal, State, and Local Money Laundering Investigations..................................................................................................... 44

 

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