Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Anti-Money Laundering Bills Intro'd In House
WASHINGTON (10/25/13)--Bills that would close loopholes, tighten anti-money laundering laws, encourage greater transparency and give financial regulators greater authority to punish violations of the Bank Secrecy Act were introduced by two high ranking U.S. House members on Thursday.

House Financial Services Committee Ranking Democrat Maxine Waters (D-Calif.) in a release noted that "a number of recent, high-profile cases show how several multinational banks actively turned off anti-money laundering controls to accommodate terrorist financing and drug cartels." The U.S. Department of Justice has levied high fines against these banks, "but not a single individual has been held accountable," Waters added. Her bill, the Holding Individuals Accountable and Deterring Money Laundering Act (H.R. 3317), would seek to "correct that injustice by making it easier to go after unscrupulous bankers and mandating punishments as strict as those the imposed on the drug dealers themselves."

The bill would achieve this, in part, by allowing regulators to remove or ban bankers that violate the law.

Financial Services capital markets subcommittee ranking member Carolyn Maloney's (D-N.Y.) Incorporation Transparency and Law Enforcement Assistance Act would back up these efforts by helping to "identify the true ownership of legal corporations and deter the use of shell companies for illegal purposes," according to the release.

For more on both bills, use the resource link.
Other Resources

House Release
RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
22 hours ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
1 Day ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
1 Day ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
1 Day ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
1 Day ago