Political Quotes

James A. Leach: “first let me just stress section 191 of this bill repeals the Know Your Customer regulation. Secondly, the committee…”

On the recordJuly 1, 1999
first let me just stress section 191 of this bill repeals the Know Your Customer regulation. Secondly, the committee would be happy to deal with further modifications in this area. But thirdly, it has to be understood by everybody here that money laundering is the Achilles heel of drug traffickers, and many are able to separate themselves from their illegal activities, but they cannot from their money, and just like Al Capone was convicted for tax evasion, drug traffickers today are convicted more than anything else of money laundering. To throw this out would be an absolute assault on law enforcement. We must not allow it to happen.
Said by
James A. Leach
Iowa
Source
govinfo.gov

Editor's note · Context

Discussing the implications of repealing the Know Your Customer regulation in relation to money laundering.

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