Combating Money Laundering and Other Forms of Illicit Finance: Opportunities to Reform and Strengthen Bank Secrecy Act Enforcement, Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Fifteenth Congress, Second Session, January 9, 2018 [open pdf - 7MB]
This is the January 9, 2018 hearing on "Combating Money Laundering and Other Forms of Illicit Finance: Opportunities to Reform and Strengthen Bank Secrecy Act Enforcement" held before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. From the opening statement of Mike Crapo: "Today's hearing is the first of two currently planned hearings to explore the difficult issues underlying modernizing a decades-old system designed to combat money laundering, terrorist financing, corruption, weapons proliferation, sanctions evasion, and a host of other threats. Our Nation's financial industry has long worked on the front lines of preserving the integrity of the United States and inter-national financial systems and in partnership with our Government since at least when the Bank Secrecy Act (BSA) was first enacted, in 1970, and the phrase 'anti-money laundering'--or AML--was coined a few years later. From its tax and narcotics beginnings, the BSA, its regulations, and other supporting laws have evolved into a mass of counter- threat-finance regulatory requirements designed to focus the industry's attention on an ever-expanding set of domestic and foreign threats to the Nation." Statements, letters, and materials submitted for the record include those of the following: Greg Baer, Dennis M. Lormel, and Heather A. Lowe.
S. Hrg. 115-158; Senate Hearing 115-158
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