Asa Hutchinson: “What we are doing in this amendment, if it is passed, it actually guts existing money laundering laws. It would set the…”

“What we are doing in this amendment, if it is passed, it actually guts existing money laundering laws. It would set the drug war back by some estimates that I suspect is true, maybe 20 years. What it really would do would be to allow drug kingpins to launder money undetected. The current laws say that one has to have a currency transaction report if they go to the bank and take cash of $10,000 or more and deposit it in order for us to have the notice that we need to have of that transaction so that law enforcement can get ahold of these drug kingpins and can have a chain and prove the evidence. What the gentleman from Georgia (Mr. Barr) and the gentleman from Texas (Mr. Paul) are offering here would increase that amount to $25,000.”