U.S. Congress Holds Hearing on International Money Laundering Strategy (IC)

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Saturday, April 1, 2000
Bruce Zagaris
On March 9, 2000, the Committee on Banking and Financial Services, U.S. House of Representatives held a hearing on 2000 Money Laundering Strategy, the U.S. National Money Laundering Initiative that focuses largely on international aspects. The initiative is contained in the newly introduced, administration-supported International Counter-Money Laundering Act (H.R. 3886). U.S. Rep. James A Leach, Chairman, Committee on Banking and Financial Services, announced in his opening statement that he and Rep. John J. LaFalce, the Ranking Member of the Committee, would introduce the administration-crafted bill, which builds on provisions of H.R. 2896, proposed legislation introduced last fall by Leach, Lafalce and 13 other Members of the Committee. Rep. Leach noted that the Committee’s emphasis would be on offshore secrecy havens, although they are closely connected to the Russian crime and corruption issues that were the focus of last fall’s bank of New York hearings…[more]