Political Quotes

“The Department of Justice fully supports the Administration's current policy under the USA PATRIOT Act that requires banks and other financial institutions to establish reasonable procedures for the identification and verification of new account holders, which is set forth in regulations of the Department of the Treasury. Therefore the Department supports the Oxley-Frank-Kolbe amendment to H.R. 5025 that preserves these regulations. One concern addressed by the regulations is the danger associated with driving sectors of the population into unregulated, underground financial service providers, such as unregulated hawalas, where persons may be more exposed to elements involved in money laundering and terrorist financing. In order to counter this concern, the Justice Department supports the Administration's determination to permit--but not encourage--the acceptance of Matricula Consular cards by financial institutions, under circumstances where financial institutions reasonably believe they can properly identify the new customer.”