WASHINGTON (10/25/13)--Bills that would close loopholes, tighten anti-money laundering laws, encourage greater transparency and give financial regulators greater authority to punish violations of the Bank Secrecy Act were introduced by two high ranking U.S. House members on Thursday.
House Financial Services Committee Ranking Democrat Maxine Waters (D-Calif.) in a release noted that "a number of recent, high-profile cases show how several multinational banks actively turned off anti-money laundering controls to accommodate terrorist financing and drug cartels." The U.S. Department of Justice has levied high fines against these banks, "but not a single individual has been held accountable," Waters added. Her bill, the Holding Individuals Accountable and Deterring Money Laundering Act (H.R. 3317), would seek to "correct that injustice by making it easier to go after unscrupulous bankers and mandating punishments as strict as those the imposed on the drug dealers themselves."
The bill would achieve this, in part, by allowing regulators to remove or ban bankers that violate the law.
Financial Services capital markets subcommittee ranking member Carolyn Maloney's (D-N.Y.) Incorporation Transparency and Law Enforcement Assistance Act would back up these efforts by helping to "identify the true ownership of legal corporations and deter the use of shell companies for illegal purposes," according to the release.
For more on both bills, use the resource link.