May 15, 2006 News Archive

Comments Requested on Revised Proposed Statement on Complex Structured Finance Activities
In a joint press release, five regulatory agencies requested public comment on a revised proposed statement on the complex structured finance activities of financial institutions.

FinCEN Issues Advisory on Money Laundering Into Mexico
In a recent advisory, the Financial Crimes Enforcement Network (FinCEN) issued a warning about the growing threat of money laundering through the smuggling of bulk U.S. currency into Mexico. FinCEN warned U.S. financial institutions of the potential misuse of business relationships by certain Mexican financial institutions, including Mexican casas de cambio. U.S. law enforcement has observed a dramatic increase in the smuggling of bulk cash proceeds from the sale of narcotics and other criminal activities from the United States into Mexico, FinCEN said.

Regulatory Relief Act of 2006 Moves To Senate Floor
The Senate Banking Committee gave a unanimous thumbs-up on April 28 to the "Financial Services Regulatory Relief Act of 2006." The bill, carefully crafted by Sen. Michael Crapo (R-Idaho), came to the committee with 56 of the 187 proposals in the original matrix of requested items. (PDF)