Most laws meant to combat money laundering have proven counterproductive and have failed to address the fact that dirty money is often cleaned in otherwise legitimate businesses, says Andrew Haynes.
A soon-to-be introduced House bill could allow state financial examiners to better share the results of their money services businesses examinations with counterparts throughout the country.
A planned cost-saving rollback of 142 federal bank data sharing agreements would hinder state and local investigations into suspected money laundering and terrorist financing, according to former law enforcement agents.
The U.S. Treasury Department has proposed an amendment to Bank Secrecy Act regulations that would allow financial institutions to share suspicious activity reports with their domestic affiliates.
A plan to streamline Bank Secrecy Act compliance for financial institutions is getting mixed reviews a year after its initiation, with some representatives of banks saying that it has produced too few tangible results.
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