| Description |
iv, 103 p. : digital, PDF file |
| System Details |
System requirements: Adobe Acrobat Reader. |
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Mode of access via the GAO web site. |
| Note |
Title from title screen (viewed on Mar. 18, 2009). |
|
"February 2009." |
| Summary |
The legislative framework for combating money laundering began with the Bank Secrecy Act (BSA) in 1970 and most recently expanded in 2001with the USA PATRIOT Act. The Financial Crimes Enforcement Network (FinCEN) administers BSA and relies on multiple federal and state agencies to ensure financial institution compliance. GAO was asked to (1) describe how BSA compliance and enforcement responsibilities are distributed, (2) describe how agencies other than FinCEN are implementing those responsibilities and evaluate their coordination efforts, and (3) evaluate how FinCEN is implementing its BSA responsibilities. Among other things, GAO reviewed legislation, past GAO and Treasury reports, and agreements and guidance from all relevant agencies; and interviewed agency, association, and financial institution officials. GAO recommends that IRS better coordinate examination schedules with state agencies; that FinCEN, the federal financial regulators, and IRS consider developing a mechanism to regularly discuss BSA examinations and procedures across all regulators; and that the FinCEN Director facilitate communication on IRS referrals, and finalize electronic data-access MOUs with state agencies and securities and futures regulators. |
| Bibliography |
Includes bibliographical references. |
| Note |
"GAO-09-227." |
| Subject |
United States. Bank Secrecy Act.
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United States. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001.
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Financial Crimes Enforcement Network (U.S.) -- Rules and practice.
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Financial services industry -- Law and legislation -- United States.
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Money laundering -- United States -- Prevention.
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Interagency coordination -- United States.
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United States. Internal Revenue Service -- Rules and practice.
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| Added Author |
United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations.
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| Added Title |
Federal agencies should take action to further improve coordination and information-sharing efforts |
| Gpo Item No. |
0546-D (online) |
| Sudoc No. |
GA 1.13:GAO-09-227 |
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