WASHINGTON
– Today, Sen. Chuck Grassley, ranking member of the Senate Judiciary Committee,
and Sens. Sheldon Whitehouse (D-R.I.), John Cornyn (R-Texas), Amy Klobuchar
(D-Minn.) and Dianne Feinstein (D-Calif.) introduced the Combating Money Laundering, Terrorist Finance and Counterfeiting Act of
2022. Their bipartisan legislation modernizes and strengthens criminal
money laundering statutes by giving federal law enforcement the tools it needs
to keep pace with new and emerging techniques that criminals are using to
conceal and transport dirty money.
“It
is critical that we stop criminals from acquiring and trafficking illicit
money, especially with the crisis at our southern border. These bad actors are
constantly finding new ways to move money around like ransomware attacks using
cryptocurrency, while also relying on old ways, like carrying suitcases full of
cash across the border. This legislation further protects our national security
which is critical to our country’s safety,” Grassley said.
“Criminal
enterprises are constantly finding new ways to move their dirty money wherever
they think it’ll be safe. That’s why drug traffickers, kleptocrats and
other bad actors pull elaborate tricks to stow their loot behind American rule
of law. We need to arm law enforcement with tools to tackle new methods of
money laundering and counterfeiting,” Whitehouse
said, chairman of the Senate Caucus on International Narcotics Control.
“The criminals trafficking illegal drugs across our
southern border have evolved, and our laws must do the same. This legislation
equips law enforcement with the financial tools to hit the cartel’s bottom line
and would critically help stop the flow of opioids like fentanyl from killing
more Americans,” Cornyn said.
“As criminals and terrorist organizations develop
new methods to launder money, we must provide our law enforcement with the
tools they need to keep American communities safe. This bipartisan legislation
makes necessary updates to anti-money laundering statutes and counterfeiting
laws, ensuring the law enforcement community can stay one step ahead of those
working to undermine our nation’s safety and security,” Klobuchar said.
"As
terrorists and drug traffickers become more sophisticated in how they finance
crime and launder money, we must provide law enforcement with the tools
necessary to confront these threats. I’m pleased to join with Senator Grassley
to introduce the Combating Money Laundering, Terrorist Finance and
Counterfeiting Act to achieve that goal," Feinstein said.
The
Combating Money Laundering, Terrorist
Finance and Counterfeiting Act of 2022 updates counterfeiting laws to
prohibit state-of-the-art counterfeiting methods, increases the penalties for
bulk cash smuggling and ensures that money laundering laws apply to hawalas and
other informal value transfer systems used by drug traffickers and terrorists. Other
highlights of the legislation are:
- Prohibiting the cross-border
shipment of blank checks for the purpose of evading reporting requirements of
monetary instruments;
- Establishing a new money
laundering violation that prohibits the transfer of funds into or out of the United
States with the intent to violate U.S. income tax laws;
- Prohibiting conspiracies to create illegal
money services businesses, such as services allowing the transfer of money by
wire and allowing multiple violations of laundering monetary instruments to be
charged in a single count in an indictment or information;
- Granting wiretapping
authority to investigate currency reporting, bulk cash smuggling, illegal money
services businesses and counterfeiting offenses;
- Granting the U.S. Secret
Service the explicit authority to investigate ransomware crimes and other uses
of unlicensed money transmitting.
This
legislation is backed by the National Association of Police Organizations, National Association of Assistant United States Attorneys, National District Attorneys Association, Fraternal Order of Police, FACT Coalition and the National Sheriff’s
Association.
A
summary of the bill can be found HERE.