Money Laundering: State Efforts To Fight It Are Increasing But More Federal Help Is Needed
GGD-93-1
Published: Oct 15, 1992. Publicly Released: Nov 12, 1992.
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Highlights
Pursuant to a congressional request, GAO discussed what states are doing to combat money laundering and what assistance the federal government is providing to the states.
Recommendations
Matter for Congressional Consideration
| Matter | Status | Comments |
|---|---|---|
| Congress should make permanent the authority of the Secretary of the Treasury to disclose information from returns filed under Section 6050I of the Internal Revenue Code (IRC) - Internal Revenue Service (IRS) Form 8300s. |
Closed – Not Implemented
|
H.R. 22 was vetoed and a subsequent amendment has not been opened. |
| Congress should amend IRC section 6103 to allow the Secretary of the Treasury the authority to disclose these returns to state law enforcement agencies. |
Closed – Not Implemented
|
H.R. 22 was vetoed and a subsequent amendment was not opened. |
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Department of the Treasury | Should the states be given access to the information on IRS Form 8300, the Department of the Treasury should make it available to states on magnetic media ready for computer processing on the same basis as Bank Secrecy Act data is currently available. |
Closed – Not Implemented
H.R. 22 was vetoed and a subsequent amendment was not opened.
|
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Topics
Crimesstate relationsFinancial disclosureFormula grantsFraudLaw enforcementLaw enforcement agenciesMoney launderingNoncomplianceState governments