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. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
Grassley and Klobuchar also said the bill would prohibit the cross-border shipment of blank checks for the purpose of evading reporting requirements.
"Criminal 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’s efforts to exact justice," Grassley said, adding that their bill would ensure law enforcement "has the tools they need to track down dirty money, hold criminals accountable and prevent further crimes."
Klobuchar added that 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."
FBI BUSTS ALLEGED MADURO-LINKED MONEY LAUNDERING NETWORK SPANNING MULTIPLE NATIONS
"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," she said.
The bill also would establish a new money laundering violation that would prohibit the transfer of funds into or out of the United States — funds specifically being transferred with the intent to violate U.S. income tax laws.
Federal agents seized two kilograms of cocaine, one gun and $329,000 in the Bronx (U.S. Attorney's Office, Southern District of New York)
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"By 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," Patrick Yoes, president of the Fraternal Order of Police said, adding that the organization "strongly supports this bill, which would prevent criminals and terrorists from profiting from their crimes and protect public safety and national security."
The National Association of Assistant U.S. Attorneys also endorsed the bill saying the "targeted reforms will strengthen investigations, improve prosecutorial clarity and better reflect how modern money-laundering schemes actually operate."
Brooke Singman is a political correspondent and reporter for Fox News Digital, Fox News Channel and FOX Business.
https://www.foxnews.com/politics/bipartisan-senate-bill-targets-money-laundering-linked-drug-trafficking-terrorism