Resolution targets illicit trade, money laundering

A group of lawmakers recently introduced a resolution advocating Congress address global criminal organizations, illicit trade, and trade-based money laundering (TBML) actions.

The resolution was introduced by U.S. Sens. Bill Cassidy (R-LA), Kyrsten Sinema (D-AZ), John Cornyn (R-TX), Lindsey Graham (R-SC), Bob Menendez (D-NJ), Marco Rubio (R-FL), Ron Wyden (D-OR) and Sheldon Whitehouse (D-RI).

“Trade-based money laundering links everything from drug and human trafficking, terrorism, to counterfeits like knock-off toys that put children in danger,” Cassidy said. “This is a threat to our national security.”

Cassidy recently introduced the Special Russian Sanctions Authority Act of 2022 to form a permanent inter-agency trade-based money laundering task force coordinating and streamlining domestic law enforcement communication.

Menendez said Congress must collaborate with international partners and leverage tools to address trade-based money laundering (TBML).

“I’m proud to be joining this bipartisan group of Senators committed to tackling TBML,” Menendez said. “I look forward to working with them to develop comprehensive solutions that will help bolster our economic interests, make it harder for counterfeiters to employ TBML to infiltrate our supply chains, and protect New Jersey businesses who have been affected by these practices.”

Whitehouse said he is pleased to join the call to action on trade-based money laundering.

“Kleptocrats, drug traffickers, and other criminals trade everything from vegetables to washing machines to move their dirty money across the globe,” he said. “That’s why we need more coordination among key federal agencies involved in overseeing trade and better information on suspicious financial and trade activity.”