Part (c) specified that a report be produced jointly by the Secretary of Treasury, the Board of Governors of the Federal Reserve System, and the Securities and Exchange Commission with recommendations for effective regulations to apply the requirements of the BSA with regards to investment companies. This report was submitted to Congress on December 31, 2001. It gives a background to money laundering and how the BSA and Anti-Money Laundering Act (AML) was developed to counter increasingly sophisticated money laundering schemes and gives an overview of the general process criminals use to undertake money laundering, and how they use investment companies in each stage of the process. In order for effective regulations to apply to the BSA, the report acknowledges that different types of investment companies have different susceptibilities to money laundering and thus regulations must deal with them differently.