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.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]