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Treasury Secretary Lloyd Bentsen Thursday announced the selection of 30 members to a special panel to give the Department advice on strengthening anti-money laundering programs and simplifying currency reporting forms.
The Bank Secrecy Act (BSA) Advisory Group, chaired by Treasury Secretary for Enforcement Ronald K. Noble, also will review recordkeeping requirements for wire transfers and sales of monetary instruments such as traveler's checks, cashier's checks, bank drafts and money. In addition, the group will look at the procedures for exempting retail and other accounts from Treasury reporting requirements and the definition of financial institutions subject to the reporting requirements.
"We must keep money launderers out of our financial institutions and businesses," said Bentsen. "The group's work will greatly expand the Department's review of its regulations and anti-money laundering programs." Bentsen also renewed his commitment to reduce the Department's reporting burdens while simultaneously ensuring that law enforcement officers be able to spot and track suspicious transactions.
The broad-based advisory group contains officials from federal and state government units, banking and other private sector enterprises where money laundering activities are sometimes attempted and law experts.
"This is a unique opportunity to work closely with industry experts and law enforcement officials in developing effective programs to prevent financial crime," said Noble.