Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017

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Author: 

Farhad Mirzadeh and Bruce Zagaris

Date Published: 

Friday, June 16, 2017

Volume: 

33

Issue: 

6

Subject Areas: 

Law Enforcement
Money Laundering
Terrorism

Geographic Identifier: 

United States

Abstract: 

The federal government continues to seek methods to combat the ever-increasing technological sophistication of criminals in laundering money. On May 24, 2017, the Senate introduced a bipartisan bill to clamp down on illegal laundering called the Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 (the “Act”). The U.S. has been criticized by international organizations for deficiencies in some of its anti-money laundering/counter-terror financing (“AML/CTF”) programs.  The new Act seeks to modernize domestic efforts to counteract laundering and conform more closely to recommendations from U.S. law enforcement.  The Act is cosponsored by Senators Dianne Feinstein (D-CA), John Cornyn (R-TX), and Sheldon Whitehouse (D-RI).  Of course, the Act will be subject to a variety of changes before a vote in the Senate, and perhaps more in a House version.  Even then, it is helpful to examine the various provisions in order to determine the guiding principles of the Act.