Political Quotes

“I am pleased that we are passing H.R. 3004, the Financial Anti-Terrorism Act today. It is crucial that we take steps to ensure that terrorist funding is cut off at its source. I have been working on money laundering issues for years, and I believe that the time for action is long overdue. I am pleased that this bill addresses may concerns I have been raising about money laundering for years. This legislation authorizes Treasury to take special measures against foreign countries or financial institutions deemed to be primary money laundering concerns. This provision is similar to one I have advocated in the past. I am also pleased that other measures I have sponsored over the years, particularly heightened due diligence for private banking, and correspondent accounts, are included in this bill. Additional scrutiny will be required for these accounts, which have ``flown below radar'' for many years. In an October 28, 1999 letter, Citibank's Private Bank division defined private banks as banks ``which provide specialized and sophisticated investment and other services to wealthy individuals and families.'' The letter went on to say that private banks ``are inevitably exposed to the risk that an unscrupulous client will attempt to `launder' proceeds of illegal activities through the bank.'' This is stating the situation mildly.…”