NEGATIVE - DISADVANTAGE PRIVACY HURTS SECURITY 197
MONEY LAUNDERING - SHELL
A. PRIVACY PROTCTION STOPS FIGHT AGAINST DRUG TRAFFICKING AND MONEY LAUNDERING
RANDI FEIGENBAUM. The Times-Picayune, February 28, 1999 SECTION: MONEY; Pg. F1 TITLE: UPROAR GREETS PLAN TO FIGHT FRAUD;
PRIVACY TRUMPS CRIME CONCERN // acs-EE2001
Federal bank regulators came together in December and proposed a new regulation they hoped would hinder money laundering, especially money from drug trafficking.
It sounded like a good idea. But since then, the focus has changed from fighting drugs and crime to protecting privacy and avoiding higher bank charges. Tens of thousands of complaints have flooded regulators' offices. The overwhelmingly negative response has left heads spinning while regulators and politicians attempt damage control.
B. MONEY LAUNDERING IS A HUGE PROBLEM WHICH MUST BE CONFRONTED
Stuart Eizenstat, USA TODAY, April 3, 2000, SECTION: NEWS; Pg. 26A TITLE: Reports key to fighting crime // acs-EE2001
Money laundering -- the process of transforming criminals' ill-gotten gains into seemingly legitimate income -- poses an increasingly significant threat to our nation's security and to the integrity of our financial system. Some estimate the worldwide yearly flow of dirty money at $ 600 billion. Transnational drug cartels, organized criminal syndicates and white-collar criminals use money laundering to finance their schemes. Preventing and prosecuting money laundering, while preserving privacy and protecting legitimate financial transactions, are paramount objectives of this administration.