Rep. John Dingell (D-Mich.), the ranking member of the House Commerce Committee, Jan. 5 blasted Treasury’s failure to adopt rules to combat the practice of money laundering in the securities industry.

In his letter to Treasury Secretary Lawrence Summers, Dingell specifically said it was an outrage that Treasury’s Financial Crimes Enforcement Network (FinCEN), which administers the Bank Secrecy Act, imposed requirements to file suspicious activity reports (SARs) on depository institutions in 1996 but still has not adopted similar rules for the securities industry.

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