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GGD-94-91R 1 (1994-02-15)

handle is hein.gao/gaobackmo0001 and id is 1 raw text is: United States General Accounting Office Washington. D.C. 20548 /SO' 77 ff General Government Division B-256381 February 15, 1994 The Honorable Henry B. Gonzalez Chairman, Committee on Banking, Finance and Urban Affairs House of Representatives Dear Mr. Chairman: This letter is in response to your October 28, 1993, inquiry concerning a Department of the Treasury initiative to facilitate access by the states to Bank Secrecy Act (BSA) data. At the Committee's July 8, 1993, hearing in San Antonio, Texas, Treasury officials announced the initiation of Project Gateway, a test program that would allow Texas law enforcement authorities direct access to BSA data maintained on a computer at the Internal Revenue Service's (IRS) Detroit Computing Center. You asked us to determine if Project Gateway had been implemented as it had been described at the hearing and if Texas officials had found the data useful. You also asked why Texas officials were considering purchasing BSA data on magnetic tape to process at a state computer facility if they had access to the entire database in Detroit. As you know, Treasury regulations implementing the BSA require banks and other financial institutions to report currency transactions over $10,000. Federal law enforcement agencies have found these reports extremely useful in combatting money laundering. As we previously reported,' state law enforcement agencies normally access BSA data by contacting a Treasury organization known as the Financial Crimes Enforcement Network (FinCEN) which is located in Virginia. Authorized state personnel provide FinCEN with a written request that specifies the name of an individual or business under investigation. FinCEN analysts query the database using terminals linked to IRS' Detroit facility to 'Money Laundering: State Efforts To Fight It Are Increasing But More Federal Help Is Needed (GAO/GGD-93-1, Oct. 15, 1992). GAO/GGD-94-91R Money Laundering: Project Gateway

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