Money Laundering: Regulatory Oversight of Offshore Private Banking Activities

Pursuant to a congressional request, GAO reviewed U.S. regulatory oversight of private banking activities involving offshore jurisdictions, focusing on: (1) regulatory oversight procedures to ensure that offshore private banking activities are covered by banks' anti-money-laundering efforts; (2) deficiencies identified by banking regulators regarding offshore private banking activities and corrective actions taken by banks; (3) barriers hindering regulatory oversight of offshore private banking activities and efforts to overcome them; and (4) banking industry views regarding regulatory access to documentation pertaining to offshore private banking activities.