Stephen Neal: “H.R. 3235 is an important legislative step forward in fighting the crime of money laundering. I am pleased to have…”

“H.R. 3235 is an important legislative step forward in fighting the crime of money laundering. I am pleased to have cosponsored this legislation with the distinguished chairman of the Banking Committee, who has played a leading role in addressing the threat that money laundering poses to financial institutions. One of the unique aspects of this legislation is that it combats money laundering by seeking to eliminate 30 percent of the 10 million currency transaction reports now being filed annually. Elimination of these reports, which law enforcement officials inform us have no value, will also reduce the paperwork burden on financial institutions. Eliminating these unnecessary reports will enhance law enforcement efforts. Reports on legitimate transactions are the chaff in which the kernels of illegitimate transactions hide. By eliminating those reports, it should be easier for law officials to identify those reports which have a high degree of usefulness in combating money laundering. The Banking Committee added an important amendment to the legislation. The amendment, which is contained in section 11 of the bill, clarifies that the offense of structuring transactions to evade currency reporting requirements does not require the Government to prove that a defendant knew that structuring is illegal.”