Other (21 - 30 of 53 items)
USA Patriot Act: Additional Guidance Could Improve Implementation of Regulations Related to Customer Identification and Information Sharing Procedures
GAO-05-412: Published: May 6, 2005. Publicly Released: Jun 6, 2005.
Title III of the USA PATRIOT Act of 2001, passed after the September 11 terrorist attacks, amended U.S. anti-money laundering laws and imposed new requirements on financial institutions. Section 326 of the act required the development of minimum standards for verifying the identity of financial institution customers. Section 314 required the development of regulations encouraging the further shari...
Information Security: Internal Revenue Service Needs to Remedy Serious Weaknesses over Taxpayer and Bank Secrecy Act Data
GAO-05-482: Published: Apr 15, 2005. Publicly Released: Apr 15, 2005.
The Internal Revenue Service (IRS) relies extensively on computerized systems to support its financial and mission-related operations. In addition, IRS provides computer processing support to the Financial Crimes Enforcement Network (FinCEN)--another Treasury bureau. As part of IRS's fiscal year 2004 financial statements, GAO assessed (1) the status of IRS's actions to correct or mitigate previous...
Anti-Money Laundering: Issues Concerning Depository Institution Regulatory Oversight
GAO-04-833T: Published: Jun 3, 2004. Publicly Released: Jun 3, 2004.
The U.S. government's framework for preventing, detecting, and prosecuting money laundering has been expanding through additional pieces of legislation since its inception in 1970 with the Bank Secrecy Act (BSA). The purpose of the BSA is to prevent financial institutions from being used as intermediaries for the transfer or deposit of money derived from criminal activity and to provide a paper tr...
Money Laundering: Extent of Money Laundering through Credit Cards Is Unknown
GAO-02-670: Published: Jul 22, 2002. Publicly Released: Aug 21, 2002.
Money laundering is a serious issue; an estimated $500 billion are laundered annually. The extent to which money laundering through credit cards may be occurring, however, is unknown. Bank regulators, credit card industry representatives, and law enforcement officials interviewed by GAO indicated that credit card accounts were not likely to be used in the initial stage of money laundering, when il...
Anti-Money Laundering: Efforts in the Securities Industry
GAO-02-111: Published: Oct 10, 2001. Publicly Released: Oct 24, 2001.
To disguise illegally obtained funds, money launderers have traditionally targeted banks, which accept cash and arrange domestic and international fund transfers. However, criminals seeking to hide illicit funds may also be targeting the U.S. securities markets. Although few documented cases exist of broker-dealer or mutual fund accounts being used to launder money, law enforcement agencies are co...
U.S.-Mexico Border: Despite Some Progress, Environmental Infrastructure Challenges Remain
NSIAD-00-26: Published: Mar 3, 2000. Publicly Released: Mar 3, 2000.
Pursuant to a congressional request, GAO provided information on the status of the U.S.-Mexican border environmental infrastructure and the performance of responsible institutions and programs, focusing on the: (1) nature and extent of environmental infrastructure problems along the border; (2) programs and funding levels in place to address these problems; and (3) impediments to improving the env...
Food Safety: Experiences of Four Countries in Consolidating Their Food Safety Systems
RCED-99-80: Published: Apr 20, 1999. Publicly Released: May 21, 1999.
Pursuant to a congressional request, GAO reviewed the experiences of foreign countries that are consolidating their food safety responsibilities, focusing on the: (1) reasons for and approaches taken to consolidation, the costs and savings, if any, associated with consolidation, and efforts to assess the effectiveness of the revised food safety systems; and (2) lessons that the United States might...
International Travel of FinCEN Staff During the Period May 1994 Through April 1998
GGD-98-165R: Published: Jul 20, 1998. Publicly Released: Jul 20, 1998.
Pursuant to a congressional request, GAO provided information on the international travel of all the Financial Crimes Enforcement Network (FinCEN) staff in recent years.GAO noted that: (1) the international travel data provided by FinCEN show that during the period May 1994 through April 1998, FinCEN staff took a total of 362 international trips, covering a total of 2,435 days in travel status, ac...
Money Laundering: FinCEN's Law Enforcement Support Role Is Evolving
GGD-98-117: Published: Jun 19, 1998. Publicly Released: Jun 19, 1998.
Pursuant to a congressional request, GAO reviewed the Financial Crimes Enforcement Network's (FinCEN) products and services in support of law enforcement, focusing on: (1) trends in the types and quantities of products and services provided by FinCEN to the law enforcement community; (2) the extent to which FinCEN's products and services have been considered useful by the law enforcement community...
Money Laundering: FinCEN Needs to Better Manage Bank Secrecy Act Civil Penalty Cases
GGD-98-108: Published: Jun 15, 1998. Publicly Released: Jun 15, 1998.
Pursuant to a congressional request, GAO reviewed the Department of the Treasury's Financial Crimes Enforcement Network's (FinCEN) efforts to process civil penalty referrals for violations of the Bank Secrecy Act (BSA), focusing on: (1) whether Treasury has changed its policies and procedures for processing civil penalty cases since 1992; (2) Treasury's performance in processing civil penalty case...