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House Witnesses Call for End to AML Exemptions

By Kira Zalan

U.S. officials should revisit decisions to exempt certain industries from Patriot Act reporting requirements and implement a host of other measures to fight terrorist financing, congressional witnesses said Wednesday. The law allowed the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) to exempt investment companies, travel agencies, precious metals dealers, commodity pool operators and other industries from filing reports on suspected instances of money laundering and terrorist financing and from disclosing certain currency transactions. "It's time to reexamine" those exemptions, said Chip Poncy, former director of the U.S. Office of Strategic Policy for Terrorist Financing and Financial Crimes, in response...

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