GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and the Congress.
The September 11, 2001, terrorist attacks highlighted the importance of data collection, information sharing, and coordination within the U.S. government. Such efforts are important whether focused on terrorism or as an integral part of a broader strategy for combating money laundering.
The Federal Law Enforcement Training Center (FLETC) provides federal law enforcement training for 75 Partner Organizations (agencies) primarily at four domestic facilities located at Glynco, Ga; Artesia, N. Mex.; Charleston, S.C.; and Cheltenham, Md..
In its 2001 performance and accountability report on the Department of the Treasury, GAO identified important tax systems modernization, border security, trade regulation, financial management, and other issues facing the department.
GAO reviewed the Customs Service's management of and practices for collecting civil fines and penalties (CFP) debt. GAO found that Customs' gross CFP debt more than tripled from the start of fiscal year 1997 to the end of fiscal year 2000, rising from $218.1 million as of October 1, 1996, to $773.
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.