Money Laundering: Treasury Civil Case Processing of Bank Secrecy Act Violations.
GENERAL ACCOUNTING OFFICE WASHINGTON DC GENERAL GOVERNMENT DIV
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In July 1991, the General Accounting OfficeGAO, was tasked to provide information concerning the Department of the Treasurys Office of Financial Enforcements processing of civil penalty referrals for violations of the Bank Secrecy Act. The Bank Secrecy ActBSA is a major weapon against money laundering because it requires that certain transactions over 10,000 be reported to federal agencies, thus making them easier to track. Because money laundering supports a wide range of illegal activities, full and vigorous enforcement of the Act is an essential component of this countrys war on crime. The request specifically asked that the investigation focus on OPEs civil penalty workloads and the time that OPE takes to process referrals. As requested, this report transmits the official results of that requested investigation.
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