Trends in Money Laundering: Joint Hearing Before the Subcommittee on Financial Institutions and Consumer Credit and the Subcommittee on General Oversight and Investigations of the Committee on Banking and Financial Services, U.S. House of Representatives, One Hundred Sixth Congress, First Session, April 15, 1999, Volume 4 |
From inside the book
Results 1-5 of 31
Page
... Check Cashers Association , Inc. Levine , Ezra C. , Partner , Howry and Simon , on behalf of the Non - Bank Funds Transmitters Group Tischler , Hon . Bonni G. , Assistant Commissioner , Office of Investigations , U.S. Customs Service ...
... Check Cashers Association , Inc. Levine , Ezra C. , Partner , Howry and Simon , on behalf of the Non - Bank Funds Transmitters Group Tischler , Hon . Bonni G. , Assistant Commissioner , Office of Investigations , U.S. Customs Service ...
Page 4
... checks , money orders and foreign exchange agents and check cashers . It is estimated that more than $ 200 billion - we are talking about real money here , my friends- $ 200 billion is estimated annually to go through these MSBs . Law ...
... checks , money orders and foreign exchange agents and check cashers . It is estimated that more than $ 200 billion - we are talking about real money here , my friends- $ 200 billion is estimated annually to go through these MSBs . Law ...
Page 6
... check cashers to launder their currency . There are insufficient regulations in place to monitor these businesses . As we stated , it has been five years already . I look forward to the testimony today to get some kind of estimate of ...
... check cashers to launder their currency . There are insufficient regulations in place to monitor these businesses . As we stated , it has been five years already . I look forward to the testimony today to get some kind of estimate of ...
Page 13
... MSBs . MSBs is a newly coined term that refers to different kinds of financial services pro- viders , such as money transmitters and check cashers and sellers of money orders and travelers checks . These businesses account 13.
... MSBs . MSBs is a newly coined term that refers to different kinds of financial services pro- viders , such as money transmitters and check cashers and sellers of money orders and travelers checks . These businesses account 13.
Page 23
... check cashers , is going to testify that check cashers pose no money laundering threat . Further , he states that check cashers who are agents of money transmitters or money remitters should not be required to register under the MSB ...
... check cashers , is going to testify that check cashers pose no money laundering threat . Further , he states that check cashers who are agents of money transmitters or money remitters should not be required to register under the MSB ...
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Common terms and phrases
anti-money laundering AVERGUN Bajakajian bank accounts Bank Secrecy Act BARR Bergen Bergen Record Black Market Peso BRESEE bulk cash smuggling cars cartels Caruso casinos Castiblanco Chairwoman ROUKEMA check cashers CLEMMER Cliffside Park cocaine Colombia companies Congress court Currency Transaction Reports Customs Service deposits Dorado Task Force drug dealers drug money drug profits drug trade drug trafficking efforts federal agents Financial Crimes financial institutions financial services FinCEN forfeiture funds going hearing illegal illicit industry inspectors issue legislation Madam Chairwoman Market Peso Exchange Mexican Mexico million money laundering money orders money services businesses money transmitters MSBs Murray narcotics Newark non-bank Office operations outbound percent police problem proposed prosecution prosecutor registration regulations regulatory reporting requirements rules sales outlets says seized seizures shipments smurfs statute strategy Subcommittee suspicious activity reports targeted Thank Treasury Department trucks U.S. Customs U.S. Customs Service U.S. dollars United VENTO wire transfer York
Popular passages
Page 1 - HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON GENERAL OVERSIGHT AND INVESTIGATIONS, COMMITTEE ON BANKING AND FINANCIAL SERVICES Washington, DC.
Page 166 - Bulk cash smuggling into or out of the United States (a) CRIMINAL OFFENSE. — (1) IN GENERAL. — Whoever, with the intent to evade a currency reporting requirement under section 5316, knowingly conceals more than $10,000 in currency or other monetary instruments on the person of such individual or in any conveyance, article of luggage, merchandise, or other container, and transports or transfers or attempts to transport or transfer such currency or monetary instruments from a place within the United...
Page 207 - I would like to thank you for the opportunity to appear before you today. I would be happy to answer any questions you may have.
Page 165 - Smuggling— makes it a crime to smuggle or attempt to smuggle over $10,000 in currency or monetary instruments into or out of the United States, with the specific intent to evade the US currencyreporting requirements codified at 31 USC 5316. ICE Special Agents have used the Bulk Cash Smuggling statute with great effect, arresting over 330 individuals for Bulk Cash Smuggling violations.
Page 160 - While exceptions still occur, we have largely succeeded in barring launderere' direct access to our banks. As a result, illicit cash proceeds money launderers necessarily are looking more than ever before to other financial institutions, such as wire remitters, casas de cambio, vendors of money orders and traveler's checks, and check cashers to introduce drug proceeds indirectly into our banks. He view these institutions...
Page 214 - This is usually accomplished through a variety of surreptitious transactions. Having introduced the dollars into the US banking system, the Colombian black market peso broker now has access to a pool of laundered US dollars to sell to Colombian importers. These importers then use the dollars to purchase goods, either from the US or from other markets, which are transported to Colombia, often via smuggling, in order to avoid Colombian laws and customs duties.
Page 196 - GTO, which was initially in effect for £0 days and extended six times, resulted in an immediate and dramatic reduction in the flow of narcotics proceeds to Colombia through New York City money transmitters.
Page 16 - Conclusion I would like to conclude by expressing the appreciation of the Department of Justice for the continuing support that this Committee has demonstrated for the Administration's anti-money laundering enforcement efforts.
Page 107 - Police, prosecutors and judges told the Committee that they have been unsuccessful in making a significant impact on the importation, sale and use of illegal drugs, despite devoting much of their resources to the arrest, prosecution and trial of drug offenders.
Page 12 - Justice, in the US Attorney's Office in the Southern District of New York. So, I have attained some experience in day-to-day working of court and day-to-day working of water pollution.