Institute Supports Efforts to Combat Money Laundering and Terrorist Activity

Washington, DC, April 12, 2002 - The Institute recently submitted a comment letter regarding rules proposed by the Treasury Department's Financial Crimes Enforcement Network concerning information sharing related to money laundering and terrorist activity.

The Institute strongly supports measures to combat money laundering and terrorist activities, but recommends reasonable parameters on information requests by federal law enforcement agencies that will keep compliance with the proposed rules from being unduly costly and burdensome. The Institute's letter also supports, with suggested revisions, a second provision in the proposed rules regarding information sharing among financial institutions.