Money Laundering, Terrorism & Financial Institutions
Published by Civic Research Institute, civicresearchinstitute.com
 

News Releases

10/29/2003 USA PATRIOT Act Monitor News Release: GAO Reviews ML Strategy

The General Accounting has reviewed the national money laundering strategy. In Combating Money Laundering: Opportunities Exist to Improve the National Strategy (GAO-03-813), the GAO found duplication of efforts and disagreements over which agency should lead terrorist financing investigations, particularly between Treasury and Justice. Problems arose from incompatible guidelines on how investigations should be conducted, differences in controls over the dissemination of information, lack of personnel to assign to mutual and overlapping efforts, and most disturbing of all, from simple turf wars. Financial regulators were often not involved in investigative efforts because they were focusing instead on implementing the requirements of the USA PATRIOT Act. The GAO Strategy Report will be analyzed in detail in a forthcoming issue of the Monitor.

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