Search
 

LaFalce urges committee hearing on USA PATRIOT Act from financial standpoint

WASHINGTON-At least one Democratic lawmaker is questioning the administration's efforts to dismantle terrorists' financial resources following September 11. Congressman John LaFalce (N.Y.), ranking member of the House Financial Services Committee, sent nearly identical letters to Committee Chairman Mike Oxley (R-Ohio) and Treasury Secretary Paul O'Neill asking if the administration is...

By Staff Writer | Updated on July 02, 2002

WASHINGTON-At least one Democratic lawmaker is questioning the administration’s efforts to dismantle terrorists’ financial resources following September 11. Congressman John LaFalce (N.Y.), ranking member of the House Financial Services Committee, sent nearly identical letters to Committee Chairman Mike Oxley (R-Ohio) and Treasury Secretary Paul O’Neill asking if the administration is doing enough to counteract terrorist financing since the signing of the USA PATRIOT Act last October. He stated that as Congress moves toward legislation on homeland security it is imperative to have full and accurate information on the campaign against terrorist financing. The letter was also prompted by a Washington Post report that raised concerns over law enforcement’s ability to track terrorist assets hidden in gold and diamond commodities and territorial battles between federal entities. “If the current division of labor among agencies is impeding our efforts to cut off terrorists from their money then Congress may also need to consider reorganizing those responsibilities,” LaFalce wrote. While the Bank Secrecy Act has worked “fairly well” in the past at deterring criminals from the mainstream financial institutions, “it seems that the Federal government does not have a good handle on key aspects of the informal financial networks used for terrorist financing,” he wrote.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.