While the amendment purports to be about bank customer privacy, in reality it will significantly undermine the crucial law enforcement tool, the Bank Secrecy Act. The amendment would eliminate the mandatory reporting of suspicious activity, enabling money launderers to deposit as much as $25,000 of dirty money with no report being filed, and eviscerate provisions aimed at preventing money laundering at financial institutions.
Addressing concerns about the Paul-Barr-Campbell amendment to the Financial Services Act of 1999.
Share
More from John Joseph Moakley
H.R. 2778 would direct the National Park Service to study the Taunton River in Massachusetts to determine if it should be added to the Wild and Scenic Rivers System. The 70-mile river is threatened by an alarming rate of residential and…
Mr. Speaker, I urge defeat of the previous question. If the previous question is defeated, I will offer an amendment to the rule to require that Congress first adopt the budget resolution for fiscal year 2002 before the House takes up this…
Mr. Speaker, once upon a time, not too very long ago, this House passed two very forward-thinking amendments. One would have lifted the American embargo on food and medicine going to Cuba. It passed the House by a vote of 301-116. The…
I oppose this multi-trillion-dollar tax plan that benefits mostly the wealthy. Without the context of a budget, it is impossible for us to foresee what vital programs will be sacrificed. We do know, however, that under the President's…
Other voices in this conversation
