WASHINGTON—U.S. senators Angus King (I-ME), Sheldon Whitehouse (D-RI), and Bill Cassidy (R-LA) have introduced legislation that seeks to combat cross-border money laundering.
The Combating Cross-border Financial Crime Act of 2023 would establish a Cross-Border Financial Crime Center within the Department of Homeland Security to coordinate investigations and information-sharing related to financial crimes with a nexus to the U.S. border.
“While multiple U.S. agencies broadly address financial crimes, there is no agency whose mission is to focus solely on cross-border financial crimes, or to coordinate related investigations and information sharing,” King said in a statement. “This lack of coordination contributes to the current 99% failure rate, when it comes to criminals laundering funds through the U.S. The legislation would create a central hub, the Cross-Border Financial Crime Center, to coordinate and analyze financial crime data and investigations across the federal government,” King’s office stated.
Gaps Being ‘Exploited’
Added Whitehouse in a statement, “International kleptocrats, criminals, and cartels are exploiting regulatory and enforcement gaps to move their loot across our borders and launder it through our financial system. My bipartisan bill with Senator Cassidy will better coordinate our whole-of-government response to financial crimes and help ensure the kleptocrats and criminals hiding their money in America will be held to account.”