US legislators criticised over financial crime inactivity

WASHINGTON, DC – An executive from the American Bankers Association (ABA) strongly criticised legislators, the Financial Crimes Enforcement Network and regulators in testimony to the House of Representatives’ Financial Services Oversight and Investigations Subcommittee & the House International Relations International Terrorism and Nonproliferation Subcommittee.

During the hearings in early May, John Byrne, director of the Center for Regulatory Compliance at the ABA said the government had not been sufficiently co-operative with the industry over anti-money laundering (AML) and terrorist financing. "The detection of terrorist financing by banks or other financial institutions, whether through charities or any other entities, will not be successful without effective government intelligence and continued private sector involvement in organisations such as