IRS, states combat laundering.The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. will work with 33 states, including California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , to begin sharing Bank Secrecy Act The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires U.S.A. financial institutions to assist U.S. government agencies to detect and prevent money laundering. information. The agreements allow the IRS and participating states to ensure that money services businesses are complying with federal and state requirements to register with the government and report cash transactions and suspicious activities. For more, visit www.irs.gov/newsroom/article/0,,id=156482,00.html. |
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