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Senators Raise Doubts About Banks' Antiterror Measures

The Senate Banking Committee took the country’s leading financial regulators to task today, raising concerns that examiners have overlooked gaps in the global banking system that may pose national security risks. Members of the committee voiced doubts about the rigor with which regulators are monitoring possible money laundering and terrorist financing activities through banks. They also criticized regulators for moving too slowly after the terrorist attacks of Sept. 11, 2001. “I think it’s very clear that the current system is not working the way it should be,” said Senator Richard C. Shelby, the Alabama Republican who is chairman of the banking committee. “There is very deep concern here in the Congress about the effectiveness” of the war on terrorist financing, he added. Full Story

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