|FOR IMMEDIATE RELEASE:
CONTACT: Jesse Jacobs
|Friday, January 25, 2002
BANKING COMMITTEE TO
EXAMINE FINANCIAL WAR ON TERRORISM AND
ADMINISTRATION'S IMPLEMENTATION OF
"USA PATRIOT ACT" MONEY LAUNDERING LEGISLATION
***ADDS CONGRESSIONAL LEADERS INVOLVED IN PASSAGE
OF MONEY-LAUNDERING LEGISLATION AS WITNESSES**
Senator Paul S. Sarbanes, the Chairman of the Banking, Housing, and Urban Affairs Committee, has announced that the full Committee will hold a hearing to continue its examination of money laundering and the financial war against terrorism, focusing on the Bush Administration's implementation of the money laundering provisions contained in Title III of the "USA Patriot Act."
"With the enactment of strong money-laundering provisions late last year, we have put in place an array of tools necessary to trace and interdict the funds on which terrorists, terrorist organizations, and their supporters rely to pay for their operations," said Sarbanes. "This hearing will examine what regulatory and enforcement efforts are underway to bring the new tools into quick and effective operation, as part of a coordinated effort within our government and with our allies."
The hearing will be held:
TUESDAY, JANUARY 29, 2002
538 DIRKSEN SENATE OFFICE BUILDING
The Honorable Carl Levin (D-MI);
The Honorable Charles E. Grassley (R-IA);
The Honorable Michael G. Oxley (R-OH);
The Honorable John J. LaFalce (D-NY);
The Honorable Kenneth W. Dam, Deputy Secretary, Department of the Treasury;
The Honorable Michael Chertoff, Assistant Attorney General, Criminal Division, Department of Justice;
Mr. Richard Spillenkothen, Director, Banking Supervision and Regulation Division, Federal Reserve System; and
Ms. Annette L. Nazareth, Director, Division of Market Regulation, Securities and Exchange Commission.