Hearing Key Points: "Combating Money Laundering and Other Forms of Illicit Finance: Regulator and Law Enforcement Perspectives on Reform"

(Working Draft)

"Combating Money Laundering and Other Forms of Illicit Finance: Regulator and Law Enforcement Perspectives on Reform"

Hearing held on November 29, 2018 before the:
U.S. Senate Committee on Banking, Housing, and Urban Affairs
Full Committee Hearing

Witnesses:

Mr. Kenneth A. Blanco, Director, Financial Crimes Enforcement Network (FinCEN), U.S. Department of Treasury

Written Testimony (9 pages) Key Points:

• Intro
• The Importance of Bank Secrecy Act Information
• Regulatory Reform - Strengthening the AML/CFT Framework
• Understanding BSA Value
• Promoting Responsible Innovation
• Public-Private Information Sharing
• Conclusion

Mr. Steven D'Antuono, Section Chief, Financial Crimes Section, Federal Bureau of Investigation (FBI)

Written Testimony (12 pages) Key Points:

• I. Background
• II. Money Laundering Threats
• Illicit Cash
• Trade-Based Money Laundering (“TBML”)
• Misuse of Banks
• Obscured Beneficial Ownership
• Misuse of MSBs
• Prepaid Access Cards
• Virtual Currencies
• Purchase of Real Estate and Other Assets
• III. FBI Efforts to Counter Money Laundering Threats
• Working Groups and Task Forces
• Use of BSA Filings
• Outreach to Financial Institutions
• IV. Current Challenges to Law Enforcement Activities
• Opaque Corporate Structures
• Evidence Collection Involving Foreign Entities
• Small Dollar Transactions
• V. Conclusion

Ms. Grovetta Gardineer, Senior Deputy Comptroller For Compliance And Community Affairs, Office of the Comptroller of the Currency

Written Testimony (13 pages) Key Points: