Sen. Bill Cassidy (R-LA) maintains trade-based money laundering (TBML) is not sufficiently regarded as one of the nation’s most significant national security threats while urging a comprehensive solution process.
“Cartels and terrorists are moving billions of dollars unchecked to fund their violent organizations,” Cassidy said following the release of a white paper he composed concerning TBML. “Trade-based money laundering is one of America’s biggest national security threats that almost no one is paying attention to. To solve, we must employ an all-of-government approach.”
Cassidy, a member of the Senate Committee on Finance and the Joint Economic Committee, said TBML can be done by misrepresenting price, quantity or quality of imports or exports. Cartels and terrorist organizations have hijacked international trade networks to transfer funds across international borders to circumvent traditional, monitored banking systems.
“America’s intelligence agencies, law enforcement, U.S. Department of Defense, U.S. Treasury Department, U.S. Department of Homeland Security, U.S. Department of Justice and the private sector must strategically cooperate to confront terrorist and criminal activity,” Cassidy concluded. “There also needs to be a legislative agenda to strengthen national security by countering trade-based money laundering and disrupting drug trafficking, terrorism, adulteration of critical supply chains, and the sale of counterfeit goods.”