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NCJRS Abstract

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NCJ Number: 81945 Add to Shopping cart Find in a Library
Title: Bank Secrecy Act Reporting Requirements Have Not Yet Met Expectations, Suggesting Need for Amendment
Corporate Author: US Comptroller General
United States of America
Date Published: 1981
Page Count: 106
Sponsoring Agency: Azimuth Inc.
Fairmont, WV 26554
US Comptroller General
Washington, DC 20548
Sale Source: Azimuth Inc.
1000 Technology Drive, Suite 3120
Fairmont, WV 26554
United States of America
Document: PDF
Language: English
Country: United States of America
Annotation: The implementation of the Bank Secrecy Act's reporting requirements and their usefulness to law enforcement are assessed.
Abstract: Congress envisioned that the reporting requirements of the 1970 Bank Secrecy Act would be useful for tracking financial resources associated with criminal activities and for investigating persons using foreign bank accounts to conceal the profits gained from these illegal activities. Today, however, over 10 years after the law's enactment, the reports required under the act are not widely used, and their potential utility as an investigative tool is unknown. Further, no one knows how well financial institutions and individuals are complying with the act's reporting requirements. Prompted by continuing congressional oversight, the Department of the Treasury, responsible for implementing the act, and other agencies have initiated actions to correct many of the problems hindering use of reports mandated by the act. Further improvements are needed, however, if the act is to be implemented and the usefulness of required reports adequately tested. Congress should amend the act to require reauthorization of the reporting requirements in 1984. In the interim, Treasury should comprehensively assess the costs and benefits of the act to assist Congress in its reauthorization deliberations. Tabular data are provided, and materials related to the assessment are appended. (Author summary modified)
Index Term(s): Federal law violations; Federal regulations; Financial institutions; Organized crime
Note: Limited number of copies free from GAO
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