ABSTRACT

Promoting Corporate Transparency: Examining Legislative Proposals to Detect and Deter Financial Crime, Hearing Before the Subcommittee on National Security, International Development and Monetary Policy of the Committee on Financial Services, U.S. House of Representatives, One Hundred Sixteenth Congress, First Session, March 13, 2019   [open pdf - 6MB]

This is the March 13, 2019 hearing titled "Promoting Corporate Transparency: Examining Legislative Proposals to Detect and Deter Financial Crime," held before the House Subcommittee on National Security, International Development and Monetary Policy of the Committee on Financial Services. From the opening statement of Emanuel Cleaver: "Since the last major anti-money laundering reforms in 2001, the national security threats that face our country have evolved profoundly. Cyber and technological attacks have risen to the very top of our most recent worldwide threat assessment as a paramount national security risk. Underground online trafficking now allows for simplified avenues to transport illicit materials across the nation and around the globe. While the bill that we are dealing with today will close a number of loopholes that have allowed for financial crimes to be committed, it will also pull us into the 21st Century by positioning the U.S. to face tomorrow's challenges. An innovation council will be created from this bill, represented by directors from each innovation lab, who will coordinate on active Bank Secrecy Act compliance. It is imperative that we modernize our efforts to combat financial crimes because our adversaries will continue to modernize theirs. And this proposal is an important step, even though it is our first step." Statements, letters, and materials submitted for the record include those of the following: Jacob Cohen, Dennis M. Lormel, Amit Sharma, and Gary F. Shiffman.

Report Number:
Serial No. 116-9
Publisher:
Date:
2019
Copyright:
Public Domain
Retrieved From:
U.S. Government Publishing Office: http://www.gpo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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