Money Laundering: Regulatory Oversight of Offshore Private Banking Activities

GGD-98-154 Published: Jun 29, 1998. Publicly Released: Jul 29, 1998.
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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.

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