To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®.

April 19, 2007
HP-364

Statement by Under Secretary Levey on Transparency in Payment Message Standards

Treasury Under Secretary Stuart Levey made the following statement today in response to a call by leading international financial institutions to enhance transparency regarding parties to transactions in international payments:

 Today's announcement by the Wolfsberg Group and the Clearing House Association, LLC to enhance transparency in international payments is a welcome step in ongoing efforts to ensure the global financial system is safe, sound, and secure from abuse.

 The financial community's expertise places it in an ideal position to identify vulnerabilities in the financial system with respect to money laundering, terrorist financing, and other illicit activity, and to develop efficient solutions.

 By enhancing transparency in international wire transfers, institutions will have greater insight into the parties that are on the sending and receiving ends of transactions, helping banks to better understand possible risks associated with the underlying transactions and helping to ensure that they are not engaged in transactions involving terrorists, money launderers, WMD proliferators, and others involved in criminal activity.

 The Treasury Department and federal banking regulators applaud the groups' proactive efforts, and encourage financial institutions worldwide to take steps to adopt this robust proposal.  In turn, we pledge to work with our international counterparts to help bolster support for the initiative as we continue our joint effort with the industry to develop standards to strengthen the financial system.

 Please visit the following link to read the announcement by the Wolfsberg Group and the Clearing House Association, LLC:  http://www.wolfsberg-principles.com/pdf/Cover_Payments_Press_Release_April-19-2007.pdf.

 -30-