Cassidy Leads Colleagues to Introduce Resolution Calling on Congress to Combat Illicit Trade, Money Laundering Crimes

Press Release

U.S. Senator Bill Cassidy, M.D. (R-LA) led a group of seven bipartisan colleagues to introduce a resolution urging Congress to combat international criminal organizations, illicit trade, and the use of trade-based money laundering (TBML), which pose a significant threat to U.S. national security. Cassidy is joined by Senators Kyrsten Sinema (D-AZ), John Cornyn (R-TX), Lindsey Graham (R-SC), Bob Menendez (D-NJ), Marco Rubio (R-FL), Ron Wyden (D-OR), and Sheldon Whitehouse (D-RI).

"Trade-based money laundering links everything from drug and human trafficking, terrorism, to counterfeits like knock-off toys that put children in danger," said Dr. Cassidy. "This is a threat to our national security"

"I'm pleased to join this bipartisan call to action on trade-based money laundering," said Senator Whitehouse. "Kleptocrats, drug traffickers, and others criminals trade everything from vegetables to washing machines to move their dirty money across the globe. That's why we need more coordination among key federal agencies involved in overseeing trade, and better information on suspicious financial and trade activity."

"Congress has a duty to work with our international partners and must leverage every available tool at our disposal to tackle trade-based money laundering (TBML) and other activities by transnational criminal organizations that pose a significant threat to the national security and economic interests of the United States and our allies," said Senator Menendez. "I'm proud to be joining this bipartisan group of Senators committed to tackling TBML. I look forward to working with them to develop comprehensive solutions that will help bolster our economic interests, make it harder for counterfeiters to employ TBML to infiltrate our supply chains, and protect New Jersey businesses who have been affected by these practices."

"Money laundering facilitates a wide-range of crimes that threaten our economy and security, and allow bad actors to destabilize the world. We've made significant bipartisan moves in recent years to combat money laundering, but have much more work to do," said Senator Wyden.

Cassidy recently introduced the Special Russian Sanctions Authority Act of 2022 to create a permanent inter-agency trade-based money laundering task force to coordinate efforts and streamline communication among U.S. law enforcement and intelligence agencies. In 2019, Cassidy released a white paper addressing trade-based money laundering as a top national security threat.

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