S. Hrg. 107-641: Administration's National Money Laundering Strategy for 2001: Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Seventh Congress, First Session, September 26, 2001 [open pdf - 2MB]
From the opening statement of Paul S. Sarbanes: "This hearing will focus on the Federal Government's effort to fight money laundering--what has been done, what must be done. Its starting point will be the National Money Laundering Strategy for 2001. We will be hearing from the Administration. That is mandated by the Money Laundering and Financial Crimes Act of 1998. Recent investigations by Senator Levin's Permanent Subcommittee on Investigations have revealed that correspondent banking facilities and private banking services offered by U.S. banks can contribute to international money laundering by impeding financial transparency and hiding foreign client identity and activity. The committee's extensive reports described how crime syndicates, corrupt foreign dictators, and narcotics traffickers use these practices and exploit loopholes in current U.S. law. Thus, criminals and terrorists achieve hidden access to the U.S. financial system, moving under the radar screen of U.S. law enforcement officials and financial supervisors." Statements, letters, and material submitted for the record include those of the following: Paul S. Sarbanes, Phil Gramm, Debbie Stabenow, Richard C. Shelby, Tim Johnson, Jack Reed, Wayne Allard, Charles E. Schumer, Evan Bayh, Jon S. Corzine, Zell Miller, Michael B. Enzi, Jim Bunning, Carl Levin, John F. Kerry, Charles E. Grassley, John J. LaFalce, James A. Leach, Marge Roukema, Jimmy Gurule, Michael Chertoff, Stuart E. Eizenstat, William F. Wechsler, Jonathan Winer, and Alvin C. James, Jr.
S. Hrg. 107-641; Senate Hearing 107-641