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Y 4. B22/1:99-80

TAX EVASION, DRUG TRAFFICKING AND MONEY LAUNDERING AS

THEY INVOLVE FINANCIAL INSTITUTIONS

CIS RECORD ONLY:

HEARINGS

BEFORE THE

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS
SUPERVISION, REGULATION AND INSURANCE

OF THE

COMMITTEE ON
BANKING, FINANCE AND URBAN AFFAIRS

HOUSE OF REPRESENTATIVES

NINETY-NINTH CONGRESS

SECOND SESSION

ON

H.R. 1367
A BILL TO AMEND CHAPTER 35 OF TITLE 12, CHAPTERS 95 AND 119 OF TITLE 18, CHAPTER 53 OF
TITLE 31 OF THE UNITED STATES CODE RELATING TO MONEY LAUNDERING

H.R. 1474
A BILL TO AMEND TITLE 18 OF THE UNITED STATES CODE TO PROHIBIT CERTAIN METHODS OF
CONCEALING THE PROCEEDS OF CRIME, AND FOR OTHER PURPOSES

H.R. 1945
A BILL TO STRENGTHEN CERTAIN CURRENCY REPORTING REQUIREMENTS

H.R. 2785

A BILL TO COMBAT MONEY LAUNDERING

H.R. 3892
A BILL TO AMEND TITLE 31, UNITED STATES CODE, TO STRENGTHEN CERTAIN CURRENCY
REPORTING REQUIREMENTS, AND FOR OTHER PURPOSES

H.R. 4280
A BILL TO AMEND TITLE 31, UNITED STATES CODE, TO ESTABLISH NEW RECORDKEEPING AND

REPORTING REQUIREMENTS IN ORDER TO COMBAT MONEY LAUNDERING, AND FOR OTHER
PURPOSES

H.R. 4573
A BILL ENTITLED: THE "MONEY LAUNDERING PREVENTION

STAFORA UNIVERSE

APRIL 16, 17, 23; AND MAY 14, 986

Serial No. 99-80

JAN 1987

Printed for the use of the Committee on Banking, Fil Face and Urban Affairs

JOSSOM

DOCUMENTS

LIBRARY OF

[graphic]

TAX EVASION, DRUG TRAFFICKING AND MONEY LAUNDERING AS

THEY INVOLVE FINANCIAL INSTITUTIONS

HEARINGS

BEFORE THE

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS
SUPERVISION, PEGULATION AND INSURANCE

OF THE

COMMITTEE ON
BANKING, FINANCE AND URBAN AFFAIRS

HOUSE OF REPRESENTATIVES

NINETY-NINTH CONGRESS

SECOND SESSION

ON

H.R. 1367
A BILL TO AMEND CHAPTER 35 OF TITLE 12, CHAPTERS 95 AND 119 OF TITLE 18, CHAPTER 53 OF

TITLE 31 OF THE UNITED STATES CODE RELATING TO MONEY LAUNDERING

H.R. 1474
A BILL TO AMEND TITLE 18 OF THE UNITED STATES CODE TO PROHIBIT CERTAIN METHODS OF
CONCEALING THE PROCEEDS OF CRIME, AND FOR OTHER PURPOSES

H.R. 1945
A BILL TO STRENGTHEN CERTAIN CURRENCY REPORTING REQUIREMENTS

H.R. 2785
A BILL TO COMBAT MONEY LAUNDERING

H.R. 3892
A BILL TO AMEND TITLE 31, UNITED STATES CODE, TO STRENGTHEN CERTAIN CURRENCY
REPORTING REQUIREMENTS, AND FOR OTHER PURPOSES

H.R. 4280
A BILL TO AMEND TITLE 31, UNITED STATES CODE, TO ESTABLISH NEW RECORDKEEPING AND
REPORTING REQUIREMENTS IN ORDER TO COMBAT MONEY LAUNDERING, AND FOR OTHER
PURPOSES

H.R. 4573
A BILL ENTITLED: THE "MONEY LAUNDERING PREVENTION ACT OF 1986"

APRIL 16, 17, 23; AND MAY 14, 1986

Serial No. 99-80

Printed for the use of the Committee on Banking, Finance and Urban Affairs

U.S. GOVERNMENT PRINTING OFFICE

60-672 0

WASHINGTON : 1986

For sale by the Superintendent of Documents, Congressional Sales Office

U.S. Government Printing Office, Washington, DC 20402

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HOUSE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS

FERNAND J. ST GERMAIN, Rhode Island, Chairman HENRY B. GONZALEZ, Texas

CHALMERS P. WYLIE, Ohio FRANK ANNUNZIO, Illinois

STEWART B. MCKINNEY, Connecticut PARREN J. MITCHELL, Maryland

JIM LEACH, Iowa WALTER E. FAUNTROY, District of

NORMAN D. SHUMWAY, California Columbia

STAN PARRIS, Virginia STEPHEN L. NEAL, North Carolina

BILL MCCOLLUM, Florida CARROLL HUBBARD, JR., Kentucky

GEORGE C. WORTLEY, New York JOHN J. LAFALCE, New York

MARGE ROUKEMA, New Jersey STAN LUNDINE, New York

DOUG BEREUTER, Nebraska MARY ROSE OAKAR, Ohio

DAVID DREIER, California BRUCE F. VENTO, Minnesota

JOHN HILER, Indiana DOUG BARNARD, JR., Georgia

THOMAS J. RIDGE, Pennsylvania ROBERT GARCIA, New York

STEVE BARTLETT, Texas CHARLES E. SCHUMER, New York

TOBY ROTH, Wisconsin BARNEY FRANK, Massachusetts

ROD CHANDLER, Washington BUDDY ROEMER, Louisiana

AL MCCANDLESS, California RICHARD H. LEHMAN, California

JOHN E. GROTBERG, Illinois BRUCE A. MORRISON, Connecticut

JIM KOLBE, Arizona
JIM COOPER, Tennessee

J. ALEX MCMILLAN, North Carolina
MARCY KAPTUR, Ohio
BEN ERDREICH, Alabama
SANDER M. LEVIN, Michigan
THOMAS R. CARPER, Delaware
ESTEBAN E. TORRES, California
GERALD D. KLECZKA, Wisconsin
BILL NELSON, Florida
PAUL E. KANJORSKI, Pennsylvania
BART GORDON, Tennessee
THOMAS J. MANTON, New York
JAIME B. FUSTER, Puerto Rico

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS SUPERVISION, REGULATION AND

INSURANCE

FERNAND J. ST GERMAIN, Rhode Island, Chairman FRANK ANNUNZIO, Illinois

CHALMERS P. WYLIE, Ohio CARROLL HUBBARD, JR., Kentucky

JIM LEACH, Iowa DOUG BARNARD, JR., Georgia

STEWART B. MCKINNEY, Connecticut JOHN J. LAFALCE, NEW YORK

NORMAN D. SHUMWAY, California MARY ROSE OAKAR, Ohio

BILL MCCOLLUM, Florida BRUCE F. VENTO, Minnesota

GEORGE C. WORTLEY, New York ROBERT GARCIA, New York

DAVID DREIER, California CHARLES E. SCHUMER, New York

STAN PARRIS, Virginia BARNEY FRANK, Massachusetts

MARGE ROUKEMA, New Jersey RICHARD H. LEHMAN, California

DOUG BEREUTER, Nebraska JIM COOPER, Tennessee

STEVE BARTLETT, Texas
BUDDY ROEMER, Louisiana

TOBY ROTH, Wisconsin
MARCY KAPTUR, Ohio
BILL NELSON, Florida
PAUL E., KANJORSKI, Pennsylvania
BART GORDON, Tennessee
THOMAS J. MANTON, New York

RICHARD L. STILL, Subcommittee Staff Director

(II)

CONTENTS

Page

WITNESSES

APRIL 16, 1986

Friedberg, Herb, former money launderer; accompanied by Assistant U.S.

Attorney Ted E. Bandstra, Southern District of Florida, Department of

Justice

79

Pickle, Hon. J.J., a Representative in Congress from the State of Texas........

68

Wassenaar, Richard C., Assistant Commissioner for Criminal Investigation,

Internal Revenue Service (IRS)..

109

MATERIAL SUBMITTED FOR INCLUSION IN THE RECORD

Wassenaar, Richard C., response to questions of Chairman St Germain ...... 120, 123,

128

APPENDIX

Articles from the Boston Globe, Wall Street Journal, and Washington Post
regarding "money laundering

195-238

Bandstra, Ted E., letter dated April 30, 1986, responding to questions of

members of the subcommittee...

159

Keating, Francis A., II, letter dated February 14, 1986, responding to Chair-

man St Germain on behalf of Treasury Secretary James A. Baker request-

ing a written report concerning the activities of the Office of Enforcement

and Operations to promote the compliance of financial institutions with the

provisions of the Bank Secrecy Act.

488

Letters of invitation to witnesses of this day's hearing

132-153

Prepared statements:

Friedberg, Herb

154

Pickle, Hon. J.J.....

129

Wassenaar, Richard C.

161

St Germain, Chairman Fernand J.:

Letter to Hon. James A. Baker III, Secretary of the Treasury, dated

January 14, 1986...

486

Reports requested of regulatory agencies concerning efforts to improve

enforcement of the Bank Secrecy Act:

Comptroller of the Currency

493

Federal Deposit Insurance Corporation

609

Federal Home Loan Bank Board.

239

Treasury

488

627

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