Removing Barriers Blog

House Committee Holds Hearing on Remittances and Illicit Financing
Posted July 21,2017 by CUNA Advocacy

Earlier this week, the House Subcommittee on Terrorism and Illicit Finance held a hearing entitled, “Managing Terrorism Financing Risk in Remittance and Money Transfers."  The Committee discussed the role remittances play and the potential solutions to stop the flow of illicit money and financing.  

Representative Tom Emmer of Minnesota stressed that Congress must take action on the important challenge of reviewing the nation’s anti-money laundering and counter terrorism financing laws to ensure the regulatory framework allows the flow of money to friends and family members abroad while eliminating the use of remittances as a means to conduct acts of terror at home and overseas. 

In June, CUNA’s witness, Faith Lleva Anderson testified before the House Financial Services Committee where she discussed some of the issues with BSA/AML compliance.  

CUNA supports efforts to track money laundering and terrorist financing, and looks forward to working with the Committee to strike the right balance between the costs to credit unions, and the benefits to the federal government from the BSA, AML, and Office of Foreign Assets Control (OFAC) regulations.  CUNA also supports legislative and regulatory changes to address the redundancies, unnecessary burdens, and opportunities for efficiencies within the BSA/AML statutory framework.