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Lawmakers Likely to Impose AML Oversight on Hedge Funds, Say Consultants
By Matt Squire
printU.S. lawmakers will likely vote to implement anti-money laundering and other controls on hedge funds in the wake of the alleged multi-billion dollar Ponzi scheme by Bernard Madoff, say consultants. Federal agents arrested Madoff, a former chairman of Nasdaq, on December 12, accusing the hedge fund manager of running a Ponzi scheme that bilked investors of $50 billion. The scandal cast a shadow over the Securities and Exchange Commission, which has been accused of failing to follow up on tips dating back to 1999 that could have uncovered the fraud. The case has reinvigorated calls to oversee the investment funds...
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