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NCJ Number: 98357 Add to Shopping cart Find in a Library
Title: Drug Money Laundering - Hearing Before the Senate Committee on Banking, Housing, and Urban Affairs on S 571, January 28, 1985 in New York, New York
Corporate Author: US Congress
House Cmtte on Banking, Finance, and Urban Affairs
United States of America
Date Published: 1985
Page Count: 148
Sponsoring Agency: US Congress
Washington, DC 20015
Type: Legislative Hearing/Committee Report
Format: Document
Language: English
Country: United States of America
Annotation: This transcript of a January 1985 hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs presents testimony on Federal efforts to counter drug money laundering and on legislation designed to improve such efforts and increase penalties for the laundering of drug money.
Abstract: The bill considered in the hearing, the Drug Money Seizure Act (S.571), is explained by the committee chairman to (1) provide a central subpoena power in the Treasury Department to facilitate enforcement of the Bank Secrecy law, (2) increase penalties against financial institutions and their employees for willfully violating reporting requirements, and (3) eliminate the law that now provides no penalty for willfully failing to report money transfers to foreign banks. Testimony by John M. Walker, Jr., Assistant Secretary of the Treasury for Enforcement and Operations, explains how the Treasury Department is attacking money laundering, particularly through the use of financial investigations. He also identifies problems posed by money laundering and the efforts of the Treasury Department and other Federal agencies to resolve them. A representative of the U.S. Customs Service reports on his agency's efforts to counter money laundering under the provisions of the Bank Secrecy Act. Richard Wassenaar, Assistant Commissioner of the Internal Revenue Service for Criminal Investigations, testifies about his agency's efforts against money laundering; four case studies of these efforts are presented. The executive director of the President's Commission on Organized Crime reports on his commission's findings about money laundering, and two witnesses formerly involved in money laundering report on the links between major drug dealers and a network of professional money launderers. Testimony generally supports the provisions of S.571. Material and testimony is also supplied on the investigation of Robert Walker, a major drug dealer involved in money laundering.
Index Term(s): Bank Secrecy Act; Drug law enforcement; Internal Revenue Service; Money laundering; Organized crime; US Customs Service; US Department of the Treasury; US Senate
Note: S Hrg 99-8.
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