FROM THE OFFICE OF PUBLIC AFFAIRS

I welcome the House passage of H.Res. 495, expressing support for the Financial Action Task Force and for its ongoing efforts to identify those countries and territories that are non-cooperative with global efforts to combat money laundering. I appreciate the leadership of Representatives Roukema, Bereuter, Bliley, Borski, McInnis, Goss, Pickett and McCollum, as well as the Banking Committee Chairman Leach and Ranking Member LaFalce.

Money laundering is a growing, global problem that requires a global response. The U.S. delegation is in Paris this week to complete this unprecedented initiative to identify nations that are non-compliant with global efforts to combat money laundering. This is the first-ever multilateral publication of a list that will shine the spotlight on these non-cooperative countries.

Along with the overwhelming bipartisan vote earlier this month by the House Banking Committee to pass the International Counter-Money Laundering Act of 2000, this action by the House sends a strong signal that the both the legislative and executive branches of the U.S. government are united on the need to crack down on foreign countries that provide no-questions asked financial services to international drug cartels, criminal and terrorist organizations.