On the recordMarch 13, 2019
I want to thank the gentlewoman from California for her leadership on this issue and also for yielding me this time. Mr. Speaker, I rise in strong support of H. Res. 206, a resolution that acknowledges the threat to our national security posed by loopholes in our financial transaction laws. Today, our anti-money laundering and antiterrorism finance laws are dangerously outdated. Billions of dollars in bribes are paid around the world every year, and the amount of money laundered globally is estimated to be 2 to 5 percent of global GDP. Far too much of this cash flow comes through the United States financial institutions. The international community agrees. The Financial Action Task Force-- the global standard-setting body--has said that we have significant gaps in our security laws. By passing this resolution, Congress can show it understands that illicit financing networks are the root and branch of any terrorist or criminal organization's operations. We can also show that we understand by addressing those gaps and loopholes in our laws. We can move toward a safer society and a safer world. Money laundering and other financial crimes support human trafficking, terrorism, and corruption around the world. These crimes endanger Americans every day, and we need to do more. I strongly urge my colleagues on both sides of the aisle to support H. Res. 206. I want to thank the chairwoman, again, for her kindness. Mr. McHENRY. Mr.…
