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Bank Secrecy Act 2007 National Money Laundering Strategy

BSA/AML, OFAC and Fraud
May 23, 2007
Summary: The U.S. Departments of Treasury, Justice, and Homeland Security have jointly released the 2007 National Money Laundering Strategy , which responds directly to the first U.S. Money Laundering Threat Assessment , released in December 2005.

Highlights:

  • On May 3, 2007, the U.S. Departments of the Treasury, Justice, and Homeland Security released the 2007 National Money Laundering Strategy . This report incorporates the first U.S. Money Laundering Threat Assessment , released in December 2005, and addresses the priority threats and vulnerabilities identified in that assessment. The 2007 Strategy focuses exclusively on money laundering. Previous versions of the documents addressed both money laundering and terrorist financing.
  • The 2007 National Money Laundering Strategy identifies areas in which the U.S. government will work to revise, enhance or renew efforts to enforce existing federal laws and regulations; study areas in which new guidance may be appropriate; and work with state supervisory and law enforcement authorities to improve financial transparency in state-regulated financial sectors. The report also identifies areas in which the U.S. can more effectively utilize information-sharing opportunities between law enforcement and the financial services community.
  • The 2007 National Money Laundering Strategy is a product of an interagency working group comprising experts from various U.S. government agencies, bureaus and offices that work to combat money laundering. The report can be found at http://www.treas.gov/press/releases/docs/nmls.pdf .
  • Please distribute this information to the appropriate personnel in your institution.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Officer

Note:

FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2007/index.html .

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html .

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, Room E- 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).



Related Topics
Bank Secrecy Act

Last Updated: May 23, 2007