Money Laundering in Puerto Rico: Hearing Before the Permanent Subcommittee on Investigations of the Committee on Governmental Affairs, United States Senate, Ninety-ninth Congress, First Session, July 25, 1985
United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations
U.S. Government Printing Office, 1985 - Banks and banking - 190 pages
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action activities addition agencies agents amount appear assets association audit Banco Bank Secrecy Act bearer certificates billion Blau branch Caribbean cash CERRETA certificates of deposit Chairman Roth changes checks Committee Compliance Office concerned CONGRESS THE LIBRARY correct crime criminal currency transactions dealers Department deposit determine Director drug efforts employees enforcement established examination exempt fact Federal Home Loan Federal Savings financial institutions give going hearing Home Loan Bank important industry Insurance internal involved issue July June laundering LIBRARY OF CONGRESS Loan Bank Board look matter Mier money laundering NELSON operations period Permanent person policies prepared president problem procedures Puerto Rico question received recent record regarding regulations requirements responsibility RINZEL Savings Senator RUDMAN specific staff statement testimony tion United violations York
Page 82 - OF THE FEDERAL HOME LOAN BANK BOARD The Federal Home Loan Bank Board...
Page 127 - ... internal and independent auditors. 7In addition to the bank and thrift regulators (the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Home Loan Bank Board) and Justice, the other members of the working group include the National Credit Union Administration, the Farm Credit Administration, and the Federal Bureau of Investigation.
Page 64 - I would ask each of you to please stand and raise your right hand. Do you swear the testimony you will give before this Subcommittee will be the truth, the whole truth, and nothing but the truth, so help you God. Mr.
Page 33 - The punishment for the new money laundering offense which we have proposed is appropriately severe: imprisonment for up to twenty years and a fine of up to the greater of $250,000 or twice the amount of money involved in the offense. Our bill also provides for a civil penalty of up to the greater of $10,000 or the amount involved in the transaction, and for the forfeiture of all funds involved in the offense. The civil penalty and the forfeiture provisions would be in addition to any fine imposed...
Page 23 - the process by which one conceals the existence, illegal source, or illegal application of income, and then disguises that income to make it appear legitimate...
Page 85 - Among the agencies whose efficiency and economy we are charged with evaluating are the bank supervisory agencies including the Office of the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation ; and the Securities and Exchange Commission.
Page 102 - July 1, 1973, not to make, increase, extend, or renew any loan secured by improved real estate or a mobile home located or to be located...
Page 102 - Title VII prohibits discrimination based on race, color, religion, sex, and national origin in all aspects of employment. The Commission is bipartisan in composition and its members serve 5-year terms on a staggered basis.
Page 99 - ... the convenience and needs of communities include the need for credit services as well as deposit services; and (3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.