Publisher's Synopsis
Excerpt from Domestic Money Laundering, the First National Bank of Boston: Hearing Before the Permanent Subcommittee on Investigations of the Committee on Governmental Affairs, United States Senate, Ninety-Ninth Congress, First Session, March 12, 1985
For example, today in the Wall Street Journal, there is an article headlined as, How the Mob Is Using Financial Institutions TO Dis guise its Gains. And in the subhead it says, Banks Eager for the Business; Aren't Suspicious Enough Up Front.
We are very concerned about this problem of money laundering, both domestically and internationally. It is a matter of real con cern to this subcommittee because we firmly believe that it is the glue that holds criminal activity together.
Frankly, I don't think we will have any success in the war against crime until we are successful in striking at the heart of those money-laundering operations.
There are some bright stories, and I want to compliment many of our law enforcement agents in this area, but at the same time, I have to say that I deeply regret that the evidence is such that it seems neither the private institutions nor the regulatory agencies fully understand the importance of this matter.
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