House Marks Up Money Laundering Enforcement Bill

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Friday, March 1, 1991
Author: 
Bruce Zagaris
Volume: 
7
Issue: 
3
Abstract: 
A new money laundering bill is moving quickly through the House. On February 27, the House Banking Subcommittee on Financial Institutes marked up and approved HR 26, the Money Laundering Enforcement Law. On March 7, 1991, by voice vote, the House Banking Committee approved the bill. It would give banking regulators and law enforcement official more mechanisms to enforce and sanctions violations of regulations on money movement, such as imposing stiff penalties on banks and bank officers convicted of laundering money.