In addition to the social cost, money laundering poses significant legal and reputational risks. As you know, financial institutions are important catalysts for economic growth and development. Accordingly, a sound and strong financial system is vital to our country’s growth process.
I am most grateful to Brian Doyle and Edward Nelson of the Federal Reserve Board staff for their assistance in preparing this text. -2up, with various measures now running in the neighborhood of 3 percent on an annual basis.