Money Laundering: Hearing Before the Committee on Banking and Financial Services, U.S. House of Representatives, One Hundred Sixth Congress, Second Session, March 9, 2000, Volume 4 |
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Common terms and phrases
Action Item Administration anti-money laundering Antigua appropriate assets authorities bank secrecy Bank Secrecy Act Benex billion BMPE C-FIC cash casino Casino on Net Chairman LEACH combat money laundering cooperation coordination corruption countries credit card criminal money currency Customs Department of Justice deposit develop dirty money domestic drug trafficking EIZENSTAT enhanced ensure FATF financial institutions financial regulators financial services financial system FinCEN funds Goal HIFCA identify illegal flight capital implement international financial international money laundering InterSafe Global LLC issue laundering activity laundering laws Laundering Steering Committee law enforcement legislation Milestones money laundering Money Laundering Strategy multilateral narcotics National Money Laundering OECD officials offshore banks offshore financial operations organized crime Peter Berlin problem proceeds proposed requirements Russian suspicious activity reporting target tax havens transactions Treasury and Justice Treasury Department U.S. banks U.S. financial institutions United Winer wire transfer York
Popular passages
Page 254 - It is the power to regulate ; that is, to prescribe the rule by which commerce is to be governed. This power, like all others vested in Congress, is complete in itself, may be exercised to its utmost extent, and acknowledges no limitations other than are prescribed in the Constitution.
Page 98 - Federal examination of financial institutions by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision and the National Credit Union Administration, and make recommendations to promote uniformity in the supervision of these financial institutions.
Page 83 - Internet-based activities should be treated consistently with physical world activities and in a technology-neutral way to further important societal goals (such as the deterrence and punishment of those who commit money laundering). National policies concerning anonymity and accountability on the Internet thus need to be developed in a way that takes account of privacy, authentication, and public safety concerns." The Electronic Frontier: The Challenge of Unlawful Conduct Involving the Use of the...
Page 254 - In other words, the power is one to control the means by which commerce is carried on, which is directly the contrary of the assumed right to forbid commerce from moving and thus destroy it as to particular commodities. But it is insisted that adjudged cases in this court establish the doctrine that the power to regulate given to Congress incidentally includes the authority to prohibit the movement of ordinary commodities and therefore that the subject is not open for discussion.
Page 255 - In our view the necessary effect of this act is, by means of a prohibition against the movement in interstate commerce of ordinary commercial commodities, to regulate the hours of labor of children in factories and mines within the States, a purely state authority. Thus the act in a twofold sense is repugnant to the Constitution. It not only transcends the authority delegated to Congress over commerce but also exerts a power as to a purely local matter to which the federal authority does not extend.
Page 32 - First let me say that, without objection, all full statements will be placed in the record, and you may proceed in any manner that you see fit, please.
Page 186 - ... purpose, without fear of assuming criminal or civil liability for breach of any restriction on disclosure of information if they report their suspicions in good faith; (iv) Requiring financial institutions to maintain, for at least five years, all necessary records on transactions, both domestic or international.
Page 187 - Recommendations. Whenever these transactions have no apparent economic or visible lawful purpose, their background and purpose should, as far as possible, be examined, the findings established in writing, and be available to help...
Page 187 - ... to them is being reported to the competent authorities. 18. Financial institutions reporting their suspicions should comply with instructions from the competent authorities. 19. Financial institutions should develop programs against money laundering. These programs should include, as a minimum : (Ixx) the development of internal policies, procedures and controls, including the designation of compliance officers at management level, and adequate screening procedures to ensure high standards when...
Page 174 - An insured institution (as defined in section 40 l( a) of the National Housing Act (12 USC 1724(a)); (5) A thrift institution (savings bank, building and loan association, credit union, industrial bank or other); (6) An insurance company; (7) A loan or finance company; or (8) A person subject to supervision by any state or federal bank supervisory authority. (d) Forms and Procedures — (1) Forms for broker surety bonds and trust agreements. Form BMC-84 broker surety bond will be filed with the Commission...