move their profits out of the country; and second, they will develop more and more complex schemes to launder their money. Our investigative techniques and our laws must stay one step ahead if we are to have any truly meaningful impact on the availability of drugs in this country. Mr. Chairman, I appreciate this Subcommittee's interest in the role of money laundering in drug trafficking. I will be pleased to answer any questions you may have. Thank you. On April 23, 1986, the Subcommittee on Financial Institutions Supervision, Regulation and Insurance will continue its hearings on proposals to protect against financial institutions becoming havens for tax evaders, drug traffickers and launderers of funds derived from criminal activity. As the lead Federal agency in enforcing narcotics and controlled substances laws and regulations and whose primary responsibilities include investigation of major narcotics violators (interstate and international), your testimony would be extremely helpful to the Subcommittee in its efforts to better understand the devastating effects that drug trafficking and money laundering have on the economic and social fabric of this nation. It is requested that you or your designee appear and testify before the Subcommittee on Wednesday, April 23, 1986, at 10:00 a.m., in Room 2128 Rayburn House Office Building. Please provide the Subcommittee with 175 copies of your testimony no later than 24 hours in advance of your appearance. Please have your staff contact Earl F. Rieger, Counsel of the Full Committee staff, if there are any questions. 60-672 0 - 86 - 28 Sincerely, Fernand J.St Germain On April 23, 1986, the Subcommittee on Financial Institutions Supervision, Regulation and Insurance will continue its hearings on proposals to protect against financial institutions becoming havens for tax evaders, drug traffickers and launderers of funds derived from criminal activity. As part of these hearings, the Subcommittee will conduct The Subcommittee would appreciate the Department's analysis of these various proposals, and it is requested that Mr. Stephen S. Trott, Assistant Attorney General for the Criminal Division, appear and testify before the Subcommittee to discuss these matters on April 23, 1986, at 10:00 a.m. in Room 2128 Rayburn House Office Building. In addition to the bills mentioned above, there are four -2 The Subcommittee would appreciate any comments or opinions which the Department might have with respect to the aforementioned Titles that you believe would provide guidance to us in these matters. Please provide the appearance. Subcommittee with 175 copies of Mr. Trott's testimony no later than 24 hours in advance of his Please have your staff contact Earl F. Rieger, Counsel of the Full Committee staff, if there are any questions. The Subcommittee appreciates your appearance at our hearings on April 23. Your testimony is of great assistance in our review of the Bank Secrecy Act and other pertinent issues. There are several questions which the Subcommittee would like to have you answer and which will be submitted for the record. They are as follows: 1. 2. 3. 4. 5. What is the justification for eliminating customer The Department has had some recent setbacks regarding The Department already has an arsenal of primary Under current regulations, the CTR filing duties are Why do you feel Treasury needs summons authority? |