News Releases
10/29/2003 USA PATRIOT Act Monitor News Release: GAO Reviews
ML Strategy
The General Accounting has reviewed the national money laundering strategy.
In Combating Money Laundering: Opportunities Exist to Improve the National Strategy
(GAO-03-813), the GAO found duplication of efforts and disagreements over which
agency should lead terrorist financing investigations, particularly between
Treasury and Justice. Problems arose from incompatible guidelines on how investigations
should be conducted, differences in controls over the dissemination of information,
lack of personnel to assign to mutual and overlapping efforts, and most disturbing
of all, from simple turf wars. Financial regulators were often not involved
in investigative efforts because they were focusing instead on implementing
the requirements of the USA PATRIOT Act. The GAO Strategy Report will be analyzed
in detail in a forthcoming issue of the Monitor.
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