Political Quotes

“Madam Speaker, I yield myself such time as I may consume. I rise in support of my bill, H.R. 6370, the OFAC Licensure for Investigators Act, which is cosponsored by Mr. Nunn of Iowa. I also thank the chairman and my friend for his support. The global regime to counter money laundering and terrorist financing is becoming increasingly effective at detecting and deterring the abuse of our financial markets. However, we must stay ahead of the bad actors, who in many cases are moving into darker corners of the financial system and using technologies and methods that are harder to trace. Private investigative firms, some with unique technologies and analytic methods, should be enlisted to help banks and governments, among others, identify the criminals and the terrorists, their bank accounts, and their typologies. Today, these private firms are limited in how far they can see into a bad actor's operations. One of those limitations is due to sanctions, which appropriately prevent parties from engaging with sanctioned targets. However, as a result, whether in analytic firms or large bank intelligence units, the good guys have to stop their investigations upon finding evidence that suggest that a wallet or account or address may be associated with a sanctioned individual or entity. There is a workaround today, but it is far too limited.…”