Waters Statement on Administration Action to Combat Financial Crime
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on the Obama Administration’s new rules and proposals to fight money laundering:
“I welcome the Administration’s announcement today of a major package of initiatives designed to help fight financial crime, protect the integrity of the U.S. financial system, and give law enforcement more effective tools to trace the activities of terrorist groups and help stop the flow of money to them, which is so critical to their efforts.
In December 2015, Ranking Member Waters re-introduced comprehensive legislation, H.R. 4242, the “Holding Individuals Accountable Act,” to heighten accountability on financial institutions to improve anti-money laundering and counter-terrorism safeguards. Waters has also joined with Rep. Carolyn Maloney on legislation, H.R.4450, the “Incorporation Transparency and Law Enforcement Assistance Act of 2016,” to require the disclosure of beneficial ownership information as part of the company formation process.