New Rules Will Combat Money Laundering

[NVMojo]

WASHINGTON (AP) - The Bush administration announced new rules Monday that will require certain insurance companies to take steps aimed at catching drug dealers, terrorists and others involved in money laundering.

Insurance companies covered by the new rules would have to train employees to detect money-laundering methods, establish policies and procedures to identify risks and minimize opportunities for abuse, and commission independent audits. They would also be required to file reports on suspicious financial transactions to the federal government.

The new rules "represent key steps .... in protecting the insurance industry from potential abuse by those seeking to launder money or finance terrorism or other illicit activity," said William Fox, director of the Treasury Department's Financial Crimes Enforcement Network, which issued the rules.

The 2001 USA Patriot Act gives the department the powers to take the action.

more...

http://www.lasvegassun.com/sunbin/stories/bw-other/2005/oct/31/103107711.html

[merwin]

1. Will it stop Tom DeLay?

[damntexdem]

2. Hey, how about new rules to stop money laundering thru the RNC?

Or is it simply that the Bushistas don't appreciate having competition when it comes to money laundering?

[NVMojo]

3. HAHA!!!

[yellowcanine]

4. Yes, they could call it the DeLay -Abramhoff-Ney-Reed Bill

[stillcool]

5. Don't forget Paul Bremmer....

he cleaned a few billion threw the Iraqi Non-Reconstruction Effort.

[brooklynite]

6. What is the right way to launder money?

Should you use cold water, rather than warm? And is it appropriate to throw in some fabric softener?