Money Laundering:
The Use of Bank Secrecy Act Reports by Law Enforcement Could Be Increased
T-GGD-93-31: Published: May 26, 1993. Publicly Released: May 26, 1993.
Additional Materials:
- Full Report:
Contact:
GAO discussed the federal government's efforts to combat money laundering, focusing on the use of financial transaction reports to detect, investigate, and prosecute money laundering operations. GAO noted that: (1) federal law enforcement officials estimate that $100 billion to $300 billion in U.S. currency is laundered annually; (2) the transaction reports that banks must file for transactions exceeding $10,000 are extremely useful to federal law enforcement agencies for tracking the flow of cash across U.S. borders and controlling money laundering operations; (3) increased bank compliance with reporting requirements has made the movement of illicit profits difficult and forced money launderers to find other means of converting currency; (4) of the 52 million transaction reports filed, 95 percent were Currency Transaction Reports (CTR); (5) the number of CTR filed has increased annually and could total 92 million in 4 years; (6) CTR information is stored on duplicative databases for federal law enforcement, regulatory, and tax administration purposes; (7) law enforcement agencies have not fully utilized CTR to its full extent due to the difficulty in analyzing large volume of reports and problems in accessing data on the state level; (8) federal resources to enforce CTR provisions at non-bank institutions may be insufficient to ensure reporting compliance; and (9) increased state involvement in enforcing reporting requirements could supplement federal money laundering law enforcement efforts.
Oct 26, 2020
-
Intellectual Property:
CBP Has Taken Steps to Combat Counterfeit Goods in Small Packages but Could Streamline EnforcementGAO-20-692: Published: Sep 24, 2020. Publicly Released: Oct 26, 2020.
Sep 30, 2020
-
Federal Criminal Restitution:
Department of Justice Has Ongoing Efforts to Improve Its Oversight of the Collection of Restitution and Tracking the Use of Forfeited AssetsGAO-20-676R: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.
Sep 10, 2020
-
Federal Tactical Teams:
Characteristics, Training, Deployments, and InventoryGAO-20-710: Published: Sep 10, 2020. Publicly Released: Sep 10, 2020.
Sep 8, 2020
-
VA Police:
Actions Needed to Improve Data Completeness and Accuracy on Use of Force Incidents at Medical CentersGAO-20-599: Published: Sep 8, 2020. Publicly Released: Sep 8, 2020.
Aug 13, 2020
-
Anti-Money Laundering:
FinCEN Should Enhance Procedures for Implementing and Evaluating Geographic Targeting OrdersGAO-20-546: Published: Jul 14, 2020. Publicly Released: Aug 13, 2020.
Jul 29, 2020
-
Federal Prison Industries:
Actions Needed to Evaluate Program EffectivenessGAO-20-505: Published: Jul 29, 2020. Publicly Released: Jul 29, 2020.
Jul 8, 2020
-
Gun Control:
DOJ Can Further Improve Guidance on Federal Firearm Background Check RecordsGAO-20-528: Published: Jul 8, 2020. Publicly Released: Jul 8, 2020.
Jun 22, 2020
-
Federal Prisons:
Additional Analysis Needed to Determine Whether to Issue Pepper Spray to Minimum Security PrisonsGAO-20-342: Published: Jun 22, 2020. Publicly Released: Jun 22, 2020.
May 26, 2020
-
Bureau of Prisons:
Improved Planning Would Help BOP Evaluate and Manage Its Portfolio of Drug Education and Treatment ProgramsGAO-20-423: Published: May 26, 2020. Publicly Released: May 26, 2020.
May 12, 2020
-
Forensic Technology:
Algorithms Used in Federal Law EnforcementGAO-20-479SP: Published: May 12, 2020. Publicly Released: May 12, 2020.
Looking for more? Browse all our products here