Meanwhile, we will continue to pursue the productive path of the FATF NCCT project, to identify and then work with countries to correct serious, systemic deficiencies in anti-money laundering regimes. And we will be prepared, as necessary, to implement countermeasures with respect to countries that make inadequate progress to address the concerns identified by the international community. We will also take the work of the Subcommittee into consideration in the context of the review of the FATF 40 recommendations, specifically in the context of the effort to elaborate best practices for customer identification. In closing, I again would like to thank the Subcommittee and its staff for its work in this area. The Minority Staff Report explores an important area.
Law enforcement is all too accustomed to encountering obstacles to international investigations.
It is troubling for all of us to encounter case histories where foreign financial institutions are actively facilitating financial crimes. At the same time, it is clear that international correspondent banking is the underpinning of the global financial system, and U.S. banks are already subject to extensive obligations and regulatory oversight to protect against money laundering. As we prepare the 2001 National Money Laundering Strategy, we will take into serious consideration the results of this hearing, with a particular focus on ways that we can improve our oversight and enforcement of existing laws and regulations. Thank you again for the opportunity to appear before you today. I will be happy to answer any questions you might have.