“Until now, the money-laundering rules haven’t been controversial, and Mr. Sensenbrenner is intervening late in the process,” writes Glenn Simpson in today’s Wall Street Journal. “The rules, which codify the 2001 antiterrorism law known as the Patriot Act, take effect June 9 and have been in the works for more than a year. But some of the identification requirements were only loosened in the rule’s final draft, issued April 30, and Congress has just recently realized that the global system for official identification documents is plagued by fraud and loopholes.”
Sensenbrenner vs. Financial Privacy
