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Some criminal groups use a process called trade-based money laundering to launder their illicit money. These schemes can include things like falsely describing goods and services in trade transactions.
Banks are required to report suspicious financial transactions to the Treasury Department.
Pursuant to a congressional request, GAO discussed its review of compliance with the flood insurance mandatory purchase requirement, focusing on: (1) the extent of compliance; (2) the reasons for noncompliance; and (3) the financial risk to the federal government from noncompliance.
This is in response to a request for a copy of the GAO draft report on bank regulatory agencies, and copies of the agreements entered into between GAO and the Federal Reserve Board, Comptroller of the Currency, and F.D.I.C., respectively.