-Caveat Lector- House Studies Money Laundering WASHINGTON (AP) -- House members on Thursday discussed ways to attack money laundering, examining the roles played by larger financial institutions and small check-cashing businesses. ``Money laundering is the Achilles' heel of organized crime,'' said Rep. Marge Roukema, chairwoman of the House Banking and Financial subcommittee on financial institutions. ``Fighting money laundering is about fighting drugs.'' The Treasury Department estimates that some $48 billion in drug-linked money alone is laundered overseas. One growing trend, involving ``money services business,'' has attracted congressional scrutiny, but no consensus on how to crack down. In this scheme, money is laundered in relatively small amounts through check-cashing companies and sellers of traveler's checks. Roukema, R-N.J., said 160,000 such companies do about $200 million in business every year. Critics of tighter reporting requirements on transactions said the changes would represent an invasion of privacy, needless regulation and an impediment to immigrants aiding families overseas. ``I'm more interested in the big boys'' of the money-handling world, said Rep. Maxine Waters, D-Calif. Rep. Bob Barr, R-Ga., also said he opposes regulating the smaller businesses. ``There are legitimate tools already available to law enforcement to handle money laundering,'' said Barr, a former U.S. attorney. One case mentioned involved Citibank and Raul Salinas, the brother of Carlos salinas de Gortari, Mexico's president from 1988 to 1994. A report for Congress in December said Citibank officials violated their own money laundering controls in helping Raul Salinas move as much as $100 million in alleged drug money out of the country. But the report by the General Accounting Office, the investigative arm of Congress, said it remained unclear whether the nation's second largest bank broke any laws in moving the funds. A Citibank spokesman said at the time that the report contained ``errors of fact and interpretation'' but said the bank would cooperate fully with law enforcement authorities. The GAO said neither it nor the Federal Reserve could determine whether Citibank broke any laws, and the Comptroller of the Currency found the bank's actions ``did not result in civil violation of the Bank Secrecy Act.'' Raul Salinas has denied wrongdoing and said most of the money he moved came from sale of a construction company. DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance—not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
