mobile btn
Sunday, March 26th, 2023

Resolution targets illicit trade, money laundering

© Shutterstock

U.S. Sen. Bill Cassidy (R-LA) said his resolution encouraging Congress to combat international criminal organizations, illicit trade, and the use of trade-based money laundering (TBML) has garnered Senate approval.

Cassidy was joined by U.S. Sens. Ron Wyden (D-OR) and Sheldon Whitehouse (D-RI) in sponsoring the resolution awaiting House of Representatives passage.

“Trade-based money laundering is the common thread tying together drug and human trafficking, counterfeit products, and terrorism,” Cassidy said. “Given advancements made by China, Putin’s war in Ukraine, and our southern border crisis, this threat remains a priority.”

Within the resolution the lawmakers cited on March 16, 2021, the Commander of the United States Southern Command, Admiral Faller, testified to the Committee on Armed Services of the Senate transnational criminal organizations “market in drugs and people and guns and illegal mining, and one of the prime sources that underwrites their efforts is Chinese money-laundering.”

Whitehouse said there is a clash of civilizations – democracy and the free market on one side versus kleptocracy and authoritarianism on the other.

“Kleptocrats, drug traffickers, and other bad actors rely on sophisticated trade-based money laundering schemes to hide their ill-gotten gains—trading everything from vegetables to washing machines to move their dirty money across the globe,” he said. “To fight back, we must boost coordination among key federal agencies involved in overseeing trade and gather better information on suspicious financial and trade activity.”