{"id":34249,"date":"2026-02-10T00:02:22","date_gmt":"2026-02-10T00:02:22","guid":{"rendered":"https:\/\/investmentbankingrules.com\/?p=34249"},"modified":"2026-02-10T00:02:22","modified_gmt":"2026-02-10T00:02:22","slug":"bipartisan-senate-bill-targets-money-laundering-linked-to-drug-trafficking-terrorism","status":"publish","type":"post","link":"https:\/\/investmentbankingrules.com\/?p=34249","title":{"rendered":"Bipartisan Senate bill targets money laundering linked to drug trafficking, terrorism"},"content":{"rendered":"

Senate Judiciary Committee Chairman Chuck Grassley and Sen. Amy Klobuchar introduced a bipartisan measure to crack down on money laundering by increasing penalties and ensuring laws apply to systems used by drug traffickers and terrorists.
\nGrassley, R-Iowa, and Klobuchar, D-Minn., introduced the \u2018Combating Money Laundering, Terrorist Finance and Counterfeiting Act\u2019 Friday to enhance criminal money laundering statutes.<\/p>\n

The bill would update counterfeiting laws to prohibit state-of-the-art counterfeiting methods and increase penalties for bulk cash smuggling.
\nThe bill would also ensure money laundering laws apply to informal value transfer systems that are often used by drug traffickers and terrorists.
\nThe introduction of the bill comes as Trump administration officials warn that hostile actors, like cartels and terrorists, are funding operations through complex financial channels across the U.S. border.\u00a0
\nGrassley and Klobuchar also said the bill would prohibit the cross-border shipment of blank checks for the purpose of evading reporting requirements.
\n\u2018Criminal enterprises and terrorist organizations depend on ill-begotten cash to carry out their dark deeds. As money laundering methods have evolved over time, so must the government\u2019s efforts to exact justice,\u2019 Grassley said, adding that their bill would ensure law enforcement \u2018has the tools they need to track down dirty money, hold criminals accountable and prevent further crimes.\u2019
\nKlobuchar added that as criminals and terrorist organizations \u2018develop new methods to launder money, we must provide our law enforcement with the tools they need to keep American communities safe.\u2019<\/p>\n

\u2018This 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\u2019s safety and security,\u2019 she said.
\nThe bill also would establish a new money laundering violation that would prohibit the transfer of funds into or out of the United States \u2014 funds specifically being transferred with the intent to violate U.S. income tax laws.
\nThe bill would also prohibit conspiracies to create illegal money services businesses; grant wiretapping authority to investigate currency reporting, bulk cash smuggling, illegal money services businesses and counterfeiting offenses; and grant the U.S. Secret Service the explicit authority to investigate ransomware crimes and other uses of unlicensed money transmitting; and would ensure compliance with financial institutions.\u00a0
\nThe measure has wide support in the law enforcement community and has been endorsed by the\u00a0Fraternal Order of Police, the National Association of Assistant U.S. Attorneys, the National Association of Police Organizations and the National District Attorneys Association.
\n\u2018By clarifying the law in response to recent court decisions, strengthening penalties and expanding investigative authorities, this legislation will restore critical law enforcement tools and help disrupt transnational criminal organizations,\u2019 Patrick Yoes, president of the Fraternal Order of Police said, adding that the organization \u2018strongly supports this bill, which would prevent criminals and terrorists from profiting from their crimes and protect public safety and national security.\u2019
\nThe National Association of Assistant U.S. Attorneys also endorsed the bill saying the \u2018targeted reforms will strengthen investigations, improve prosecutorial clarity and better reflect how modern money-laundering schemes actually operate.\u2019<\/p>\n

This post appeared first on FOX NEWS<\/p>\n","protected":false},"excerpt":{"rendered":"

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