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Securities firms told to act on money laundering

Bulge bracket securities firms in the US have been warned that they have left themselves open to abuse by money launderers, following early findings of a probe by the US Senate.

US Senator Carl Levin unveiled on Tuesday preliminary findings of a Senate investigation into possible money laundering in the securities industry. The investigation involves a survey of 22 banks and securities firms - including non-US firms with US subsidiaries.

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