By Brett Wolf
ST. LOUIS/NEW YORK, (Thomson Reuters Accelus) – The Obama administration will review a sprawling net of anti-money laundering rules and seek to correct “gaps, redundancies or inefficiencies,” in the U.S. system now more than 40 years old, the Treasury Department’s top official overseeing the issue said on Monday.
David Cohen, Treasury undersecretary for terrorism and financial intelligence, said the department had launched an anti-money laundering task force along with federal regulators and law enforcement agencies. The initiative comes as federal authorities crack down harder on anti-money laundering lapses, with high profile cases against financial institutions. (more…)