In regard to the following, I wonder if anyone knows if they're also proposing changes that will make banking secrecy more difficult? I know about the other proposals (Carribean treaty and all that), but this report isn't complete enough to tell if Greenspan and the other regulators are also suggesting things. -Allen -------------------------------------------------------------------------------- (c) 1995 Copyright Nando.net (c) 1995 Associated Press WASHINGTON (Dec 5, 1995 - 16:57 EST) -- Foreign banks can expect greater scrutiny of their trading, auditing and other internal controls in the wake of the Daiwa and Barings Bank disasters, Federal Reserve Board Chairman Alan Greenspan and other regulators said Tuesday. Greenspan and others told a House Banking subcommittee that with the lightning quick movement of money around global computer networks, a breakdown in internal systems could cause losses that spill over into the broader financial system. [...] Greenspan and a top House Republican, Rep. Marge Roukema, R-N.J., supported stricter audit standards for banks. "We are considering a number of initiatives that may be implemented at an administrative level, especially with respect to internal and external controls," Greenspan told a House Banking subcommittee on financial institutions. [...] Roukema and the panel's leading Democrat, Rep. Bruce Vento, D-Minn., said they want the General Accounting Office to study the adequacy of a 1991 law aimed at improving U.S. supervision of foreign banks. Vento cited a string of international banking scandals in recent years, ranging from collapse of Barings Bank to the problems surrounding Bank of Credit and Commerce International, and said that the global supervision system suffers from "a serious problem." [...] Greenspan said international bank regulators are recognizing they must work together more closely to protect the integrity of the global banking system. Japan's Ministry of Finance drew heavy criticism in the Daiwa case for waiting six weeks before informing U.S. regulators about Daiwa's losses last summer.