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.
Some criminal groups use a process called trade-based money laundering to hide their illicit funds. These schemes can include things like falsely describing goods and services in trade transactions.
Schemes can involve many types of illicit activity that cut across multiple federal agencies' roles.
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.
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.
International crimes, such as drugs and arms trafficking, terrorism, money laundering, and public corruption, transcend national borders and threaten global security and stability. The National Security Council (NSC) told GAO that international crime and the framework for the U.S.