On the Issues
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MONEY LAUNDERING Money laundering occurs when criminals disguise proceeds from criminal activities as legitimate funds. Terrorists, drug traffickers and other criminals rely on money laundering to move funds, disguise dirty money and carry out criminal acts. Current estimates are that $500 billion to $1 trillion in illegal funds are laundered through banks worldwide each year, with about half going through U.S. financial institutions. Senator Levin has worked hard to strengthen anti-money laundering laws and procedures to prevent terrorists and other criminals from using our financial systems against us. From 1999 until 2001, through his role on the Senate Permanent Subcommittee on Investigations, Senator Levin held a series of hearings on money laundering activities in the U.S. financial services sector, including in-depth examinations of money laundering activities in private banking, correspondent banking, and the securities industry. This investigative work provided the foundation of many of the anti-money laundering provisions in Title III of the Patriot Act. In February 2003, the Subcommittee initiated a followup investigation to evaluate the enforcement and effectiveness of key anti-money laundering provisions of the Patriot Act, using Riggs Bank, a prominent bank that held the accounts of most of the foreign embassies in Washington, as a case study. A report released by Senator Levin’s Subcommittee staff in July 2004, revealed that Riggs Bank maintained a dysfunctional anti-money laundering program and allowed or, at times, actively facilitated suspicious financial activity, using case histories involving Augusto Pinochet, the former President of Chile, and Teodoro Obiang, the President of Equatorial Guinea. The report detailed serious shortcomings in federal oversight of Riggs Bank, a regulatory failure particularly troubling in light of the potential for criminals and corrupt officials to misuse the U.S. financial system. The report also made a series of recommendations to correct the regulatory and legislative deficiencies it identified. PSI Reports on Money Laundering and Foreign Corruption:
Legislation supported by Senator Levin to address these problems:
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Combating Drug Addiction
Addiction to drugs is a dreadful plague on our society, and the goal of ridding society of the scourge of illegal drugs is worthy of our best efforts. more >
Gun Safety
According to the Brady Campaign to Prevent Gun Violence, nearly 80 people a day die in the United States from gun-related suicides, homicides and unintentional injuries. Congress needs to do its part by closing the gun show loophole. more >
Hate Crimes
In the 107th Congress, a procedural vote prevented the Senate from considering the Local Law Enforcement Enhancement Act, otherwise known as the hate crimes bill. The efforts to block the bill's consideration were particularly disappointing because there is bipartisan support in the Senate for passing hate crimes legislation. more >
Money Laundering
Money laundering helps terrorists, drug traffickers, and other criminals to disguise dirty money, move funds and carry out criminal acts. Senator Levin has been a leader in the Senate efforts to strengthen anti-money laundering laws and procedures to prevent terrorists and other criminals from using our financial systems against us. more >
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