Intelligence Bill Awaiting Approval From President Bush
The Intelligence Bill approved overwhelmingly by the US Senate last week is
now awaiting the President's signature. The legislation contains several provisions designed to boost the government's
fight against money laundering and terrorist financing, including the authorisation
of $35.5 million in new funding for the anti-money laundering programs run by
the Treasury's Financial Crimes Enforcement Network (FinCEN). Other key measures include granting the Treasury Department the power to require
designated financial institutions to report cross-border electronic fund transfers,
and permitting the Securities and Exchange Commission to take action in an emergency
situation to restore order in the US securities markets. Speaking following the Senate vote on Wednesday, President Bush praised the
passage of "historic legislation that will better protect the American people
and help defend against ongoing terrorist threats". .
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