Task force asks US Treasury to estimate impact of trade-based money laundering

Chairman of the Task Force to Investigate Terrorism Financing, Mike Fitzpatrick, has sent a letter to US Treasury Secretary, Jack Lew, expressing concern with the administration’s policies on combating trade-based money laundering.

The congressman also wants the Treasury to find out how much impact this illicit practice has on the US and its economic partners.

Data and cooperation needed

“On February 2, 2016, the House Financial Services Committee’s Task Force to Investigate Terrorism Financing held a hearing which focused on trade based money laundering and the threat it holds toward our national security, financial system and the international trade system,” Fitzpatrick wrote in a letter to the Treasury that was also signed by several members of Congress.

“This hearing revealed that, although the men and women of the US Customs and Border Patrol and Immigration and Customs Enforcement are doing tremendous work, there is significant room for more accurate data collection, improved data consolidation and increased cooperation with the private sector and our regional partners,” the letter added.

Impact assessment

“We respectfully urge the Department of the Treasury’s Office of Intelligence and Analysis to examine the data at its disposal and generate an official estimate of the impact trade based money laundering has on the United States.

We look forward to your immediate engagement to address this issue,” the letter concluded.



Categories: Trade Based Financial crimes News

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