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US Treasury Acts Against Money Laundering

Tax-news.com

30 August 1999


Elisabeth Bresee, US Assistant Treasury Department Secretary for Enforcement, yesterday announced a new regulation cracking down on 'MSBs' or Money Services Businesses. These international cash-handling companies such as money-transfer agencies fall outside the existing registration rules for banks and are suspected of helping in the laundering of drug monies. Now they will have to register with the Department's Special Financial Crimes Unit. Further regulations are expected in the agency's ongoing war against money laundering.

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