- Proposed legislation targets current gaps in U.S. financial crime law and enforcement
- Bi-partisan Senate legislation would likely expand compliance obligations for banks and others in financial services industry
- Proposed legislation is in line with U.S. and international efforts to fight terrorism and trafficking through economic sanctions and anti-money laundering (AML) rules
On May 25, 2017, Sen. Chuck Grassley (R-IA) introduced the “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017” (the “Act”). The full text of the bill is available here.