MONEY LAUNDERING TARGETED.Byline: Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. An international task force on money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. is urging that financial institutions such as money exchanges and insurance brokers be required to report suspicious transactions. The 26-nation Financial Action Task Force issued a series of revisions Friday to its recommendations for battling money laundering, the practice of criminals using legitimate businesses to make illegal gains appear legal. Most countries require banks to report any suspicious transactions, such as large deposits of cash. The suggestions included urging that such suspicious transactions also be reported by financial institutions other than banks. These could include currency exchanges, insurance brokers and other financial brokers, said Stanley E. Morris of the U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. Department. ``Financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. are essentially global; money moves with the speed of light around the world,'' Morris said. |
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