Monday, February 9, 2009

Are US Anti-Money Laundering Efforts Improving?

Jim Kouri, the fifth Vice President and Public Information Officer of the National Association of Chiefs of Police, has written in this article on the Examiner that US AML efforts have been improving gradually over the years. Jim gives the example of section 311 of the USA Patriot Act put into effect in 2001, which prohibits US financial institutions from keeping certain accounts for foreign banks if they believe it might be a primary money laundering concern.

Many foreign government officials set up enforcement and regulatory actions against US financial institutions because they thought the excess protocols were unnecessary. Do you believe that US AML procedures are finally improving?

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1 comment:

Unknown said...

This clearly all boils down to an issue of due diligence. Been reading up on this and saw a good resource in the hedge fund space called Hedge Fund Operational Due Diligence Understanding the Risks on writen by Jason Scharfman. Chief of Police need to perform due dilgience like everyone else - I would recommend this book!