News (Media Awareness Project) - US: US Announces New Rules Against Money Laundering |
| Title: | US: US Announces New Rules Against Money Laundering |
| Published On: | 2002-04-25 |
| Source: | Frontier Post, The (Pakistan) |
| Fetched On: | 2008-01-23 11:48:51 |
US ANNOUNCES NEW RULES AGAINST MONEY LAUNDERING
ISLAMABAD: The Bush Administration has announced new rules requiring a
broader range of financial companies including credit card firms - to adopt
comprehensive anti-money laundering programmers.
The US Treasury Department targets illegal drug rings and terrorist funding
networks, implements provisions of the "Patriot Act" enacted by Congress
following the September 11 attacks against the US, said a USIS press
release Wednesday.
Treasury said industries affected by the regulations include mutual funds,
operators of credit card system, money services business such as money
transfer companies and cheque cashers, securities brokers and dealers
registered with the Securities and Exchange Commission and future
commission merchants and accompanying introducing broken registered with
the Commodity Futures Trading Commission.
Those industries with the exception of broker dealers and futures
commission traders, will have 90 days to develop anti-money laundering
programmes, Treasury said.
Officials were considering whether to apply anti-money laundering rules to
other industries, including dealers in precious metals or jewels,
pawnbrokers, travel agents and dealers in automobile airplanes and boats,
it said.
A senior Treasury official told reporters that rules covering hedge funds
and insurance companies would be released in the next few weeks.
Companies will be required to train employees to detect money laundering
methods, establish procedures to identify risks and opportunities for abuse
and commission independent audits, according to Treasury officials.
The department also announced that it would be sending to Congress three
reports, including one that analyzes options for improving US citizens
obligation to report their interests in foreign bank accounts; another
report addresses the difficulties faced by US banks in verifying the
identities of foreign nationals seeking to open accounts and a third covers
the role of the Internal Revenue Service (IRS) in combating money laundering.
ISLAMABAD: The Bush Administration has announced new rules requiring a
broader range of financial companies including credit card firms - to adopt
comprehensive anti-money laundering programmers.
The US Treasury Department targets illegal drug rings and terrorist funding
networks, implements provisions of the "Patriot Act" enacted by Congress
following the September 11 attacks against the US, said a USIS press
release Wednesday.
Treasury said industries affected by the regulations include mutual funds,
operators of credit card system, money services business such as money
transfer companies and cheque cashers, securities brokers and dealers
registered with the Securities and Exchange Commission and future
commission merchants and accompanying introducing broken registered with
the Commodity Futures Trading Commission.
Those industries with the exception of broker dealers and futures
commission traders, will have 90 days to develop anti-money laundering
programmes, Treasury said.
Officials were considering whether to apply anti-money laundering rules to
other industries, including dealers in precious metals or jewels,
pawnbrokers, travel agents and dealers in automobile airplanes and boats,
it said.
A senior Treasury official told reporters that rules covering hedge funds
and insurance companies would be released in the next few weeks.
Companies will be required to train employees to detect money laundering
methods, establish procedures to identify risks and opportunities for abuse
and commission independent audits, according to Treasury officials.
The department also announced that it would be sending to Congress three
reports, including one that analyzes options for improving US citizens
obligation to report their interests in foreign bank accounts; another
report addresses the difficulties faced by US banks in verifying the
identities of foreign nationals seeking to open accounts and a third covers
the role of the Internal Revenue Service (IRS) in combating money laundering.
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