WASHINGTON - American Bankers Association senior counsel John J. Byrne testified before a House panel Thursday that the Clinton administration's proposed anti-money-laundering bill could make it harder for banks to operate abroad.

Provisions that would grant U.S. authorities access to records in offshore havens and make it a crime to launder money through foreign banks are "worthy and important" law enforcement goals, but they could have repercussions, he said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.