U.S. needs better money-laundering rules, official says

03/7/2013 | Wall Street Journal, The

Money-laundering requirements and controls already on the books may not be enough to stop illegal financial activities, says David Cohen, terrorism and financial intelligence undersecretary at the Treasury Department. Recent settlements with big banks for infractions show that "there is work to be done to make our [anti-money laundering and counter-terrorist financing] regime more effective and to elicit better compliance," Cohen says in testimony prepared for a Senate banking committee hearing.

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