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News
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FOR
IMMEDIATE RELEASE
January 11, 2006
Contact: DEA Public Affairs
202-307-7977
Money Laundering Threat Assessment Released
The United States Government today released the inter-agency Money Laundering
Threat Assessment (MLTA), the first government-wide analysis of its
kind, which investigates money laundering vulnerabilities across a
spectrum of techniques used by criminals.
"
Before you can effectively treat a problem, you must first have an accurate
diagnosis. The Money Laundering Threat Assessment integrates information
contributed by sixteen government agencies, as well as vital Bank Secrecy
Act data provided to Treasury's Financial Crimes Enforcement Network
(FinCEN) to evaluate the range of current and emerging U.S. money laundering
threats," said Stuart Levey, Treasury's Under Secretary for Terrorism
and Financial Intelligence (TFI). "This is an example of government
cooperation at its best."
Sixteen U.S. bureaus, offices and agencies collaborated on the MLTA from
the Departments of Treasury, Justice, Homeland Security, the Board of
Governors of the Federal Reserve System and the United States Postal
Service.
"
One of our critical missions is to protect the integrity of our financial
system. This comprehensive assessment is a significant step towards stemming
the flow of illicit proceeds into the United States and insuring that
our financial institutions are not utilized to facilitate terrorism or
criminal activities," said Chris Swecker, Assistant Director, Criminal
Investigative Division of the FBI.
Each chapter of the MLTA profiles the characteristics of a specific method
of money laundering, outlining the current legal and regulatory landscape
and presenting known patterns of abuse, geographical concentrations,
and real-world case studies.
"
From Hawalas to the Black Market Peso Exchange to the bulk smuggling
of cash across our nation's borders, DEA is targeting drug traffickers'
tainted profits like never before. Last year, DEA seized a record $1.9
billion from the pockets of greed-driven drug traffickers worldwide.
The money trail that leads to drug traffickers' wallets is the same trail
that will lead to their ultimate demise," said Donald C. Semesky
Jr., DEA's Chief of Financial Operations.
"
Our teams of civil and criminal investigators are committed to the government's
National Anti-Money Laundering efforts," said Richard Speier, acting
IRS Chief, Criminal Investigation. "The scope of our commitment
is demonstrated by the fact that the IRS has on-going civil and criminal
investigations in each of the 13 identified categories found in this
threat assessment."
The laundering methodologies investigated range from banks and money
transmitters to alternative methods, such as casinos and trade-based
money laundering. The MLTA also looks at new and emerging industries,
such as online payment systems and stored value cards, which are vulnerable
to illicit financial activities.
"
ICE is proud of its substantial contributions to the government's first
national Money Laundering Threat Assessment. We look forward to working
with our partners in formulating a comprehensive strategy to address
these threats," said Julie Myers, Department of Homeland Security
Assistant Secretary for U.S. Immigration and Customs Enforcement (ICE). "Over
the past few years, ICE has dramatically expanded its anti-money laundering
efforts to address those financial systems most vulnerable to criminal
and terrorist exploitation."
The following bureaus, offices, and agencies collaborated on the MLTA:
Department of the Treasury
>>Office of Terrorism and Financial Intelligence (TFI)
>>Office of Terrorist Financing & Financial Crime (TFFC)
>>Financial Crimes Enforcement Network (FinCEN)
>>Office of Intelligence and Analysis (OIA)
>>Office of Foreign Assets Control (OFAC)
>>Executive Office for Asset Forfeiture (TEOAF)
Internal Revenue Service
>>Criminal Investigation (CI)
>>Small Business/Self Employed Division (SB/SE)
Department
of Justice
>>Federal Bureau of Investigation (FBI)
>>Drug Enforcement Administration (DEA)
>>Criminal Division
>>National Drug Intelligence Center (NDIC)
>>Organized Crime Drug Enforcement Task Force (OCDETF)
Department
of Homeland Security
>> Immigration and Customs Enforcement (ICE)
>>Customs and Border Protection (CBP)
Board
of Governors of the Federal Reserve System
>>United States Postal Service (USPS) >>United
States Postal Inspection Service (USPIS)
"
By bringing together government-wide participants with the relevant expertise
and experience, we were able to produce a report that should help policymakers,
regulators, and the law enforcement community to make better-informed
decisions in allocating resources and combating money laundering," said
Levey.
Read the Full Report>>
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