Support for Capacity of the International Monetary Fund to Prevent Money Laundering and Financing of Terrorism

Floor Speech

BREAK IN TRANSCRIPT

Mr. Speaker, I yield myself such time as I may consume.

This commonsense legislation is aimed at expanding the resources the International Monetary Fund can tap in order to provide member countries with technical assistance for anti-money laundering and counterterrorist financing efforts.

Through the IMF's legal department, experts provide assistance to countries that want to put in place effective AML/CFT frameworks in compliance with international standards. Unfortunately, demand is outpacing supply.

Currently, the IMF provides only about $7 million dollars in AML/CFT technical assistance a year. It is funded almost entirely through volunteer donor trust fund contributions. The U.S. does not contribute to the trust fund. This bill will require the U.S. Executive Director at the IMF to advocate for additional AML/CFT technical assistance financing through the IMF's administrative budget.

The provision of AML/CFT technical assistance should be a top priority, and I think many of us would support a slightly larger transfer of the IMF's annual net profits into the budget to accommodate this important work.
This bill represents an important goal, one that the U.S. should pursue at the IMF, and I urge my colleagues to support this measure.

Mr. Speaker, I yield back the balance of my time.

BREAK IN TRANSCRIPT

Source