Political Quotes

“suspicious activity reports, or SARs, are just what they seem--reports by banks and other financial institutions when they come across obviously suspicious activity by one of their customers. They have been, and continue to be, valuable lead information for law enforcement in investigating and prosecuting terrorism, major money laundering offenses, and other serious crimes. The Bank Secrecy Act authorizes Treasury to require financial institutions to report suspicious activity to law enforcement. In response, the Treasury Department has created an extensive and effective system for banks, casinos, securities firms, money service businesses, and other financial institutions to file SARs that are regularly reviewed by law enforcement. SARs are used by the FBI, organized crime units, drug trafficking task forces, border security, Secret Service, State and local police, and more. They have enabled the prosecution of a great number of serious crimes over the years. Law enforcement agencies use SAR data daily to fight terrorist financing, money laundering, drug trafficking, corruption, financial fraud, mortgage fraud, and illicit money flows of all types.…”