NCJ Number
130886
Date Published
1991
Length
64 pages
Annotation
The General Accounting Office reports on its analysis of the Federal effort to address the problem of money laundering which is the process of disguising or concealing illicit funds to make them appear legitimate.
Abstract
The study reviewed pertinent laws and regulations as well as an extensive body of published material including congressional hearings and reports and academic and periodical literature and reports prepared by Federal agencies, financial industry associations, and other experts. To assist in identifying and evaluating agency responsibilities, staffing, resource allocations, and coordination, the study reviewed appropriations hearings and various publications including narcotics control strategies and progress reports prepared over the past several years. Interviews were conducted with appropriate officials in the Treasury, Justice, and State Departments. Overall, the study concludes that progress has been made in the Federal effort to fight money laundering. Important legislation has been enacted, resources allocated to the effort have been increased, the reporting of currency transactions has increased, and international negotiations are leading to significant agreements. The report recommends that the Secretary of the Treasury direct that all permanent positions allocated to the Office of Financial Enforcement be filled as soon as possible. 4 tables