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Article: House Panelists Slam Agencies On Laundering.(Office of the Comptroller of the Currency, Financial Crimes Enforcement Network, Treasury Department)
- Article from:
- American Banker
- Article date:
- June 17, 2004
- Author:
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Bank regulators took further hits from Congress on Wednesday, with a Republican calling for a single office to ensure compliance with money-laundering laws and a Democrat announcing legislation to make the Office of the Comptroller of the Currency subject to the congressional appropriations process.
At the same time, the Treasury Department's No. 2 official said it is contemplating "systemic" changes to the laundering law enforcement structure.
The OCC has been under fire since it became public that it took seven years from when lax money laundering controls were discovered at Riggs National Bank to levy a $25 million fine, and six years to report the ...