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GAO: Treasury's laxity antithetical to Fed's fierce antilaundering stance.

Under the Bank Secrecy Act, financial institutions generally must record and report to the Internal Revenue Service any cash transaction over $10,000. The Treasury Department is responsible for enforcing these requirements. A recent General Accounting Office report finds serious problems in the Treasury's handling of civil penalties for noncompliance with the act.

The GAO found, for instance, only one civil penalty assessed in 1991. By comparison, 15 penalties were assessed in 1986. Further, cases are backlogged, with an average age of 2.26 years for the 142 pending cases; some cases had to be dropped because the statute of limitations had run out.
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Title Annotation:General Accounting Office
Author:Wagenbrenner, Anne
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Jun 1, 1992
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