St Germain Promises New Legislation to Toughen Money Laundering Laws

By Naylor, Bartlett | American Banker, April 25, 1986 | Go to article overview

St Germain Promises New Legislation to Toughen Money Laundering Laws


Naylor, Bartlett, American Banker


St Germain Promises New Legislation To Toughen Money Laundering Laws

WASHINGTON -- Rep. Fernand J. St Germain, D-R.I., chairman of the House Banking Committee, said on Wednesday that he is drafting legislation to toughen anti-money laundering laws and is planning to move a bill through his panel soon.

"We're definitely going to move," Mr. St Germain said in an interview following a hearing on the abuse of the banking system by drug traffickers.

Also during the interview, Mr. St Germain indicated that he was anxious to review legislation regarding emergency interstate takeovers. "We're waiting for a bill," he said.

That bill is being drafted by the three federal bank regulators. It will embody an initiative unveiled on April 9 that permits interstate acquisition of a failing bank as small as $250 million in assets. Current law requires the bank to be closed and to have assets of $500 million or more.

The American Bankers Association, the industry's largest trade lobby, endorsed the initiative on April 18, but defenders of states' rights such as the Conference of State Bank Supervisors have opposed it.

Mr. St Germain did not say that he endorsed the initiative. …

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