(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
JS-937I am pleased to be here today, as we convene the first meeting of the next generation Bank Secrecy Act Advisory Group.
This next generation Advisory Group includes representatives from many of the diverse industries that are now part of our comprehensive anti-money laundering and anti-terrorist financing programs.
In the months after September 11, we worked closely with you to track terrorist assets.
We then continued to work closely with you to learn about your industries and write rules applying the Bank Secrecy Act to your industries.
Along the way, we heard no complaints about the new burdens that Congress and the regulators were imposing. To the contrary, we received enthusiastic support from industries eager to do their part in the fight against terror.
That is essential. If we are to be successful, long-term, in the fight against terrorist financing and money laundering, we need the sustained commitment of the financial services industry in all its diverse forms. It is you who are on the front lines, training your personnel to spot suspicious activity, file currency transaction reports, ensure that you know the true identity of your customers, and maintain general vigilance against money laundering.
This next generation Advisory Group is an important step toward sustaining that commitment across a diverse industry. We needed to expand the membership to more fully reflect the industries that are out there, on the front lines, helping us with this fight. We needed to include you. We needed your insights and your advice.
Former Deputy Secretary Dam recognized this instinctively over a year ago. He saw that as we expanded the scope of our terrorist financing and anti-money laundering rules, it would be important to expand the representation in the Bank Secrecy Act Advisory Group. When Deputy Secretary Dam raised this issue with Director Sloan, the Director enthusiastically agreed. I am pleased that their joint vision of an expanded Advisory Group is today a reality.
Thank you for your extraordinary commitment to the fight against terrorist financing and money laundering. Thank you for your participation in this Advisory Group. Thank you, Deputy Assistant Secretary Zarate and Director Sloan and for your leadership in launching this next generation Bank Secrecy Act Advisory Group.