U.S. Treasury Deputy Secretary Stuart Eizenstat has praised the U.S. House of Representatives for passing legislation supporting the administration's efforts to root out money laundering. The U.S. Senate also has acted in support of the administration's fight against money laundering. The Organization for Economic Cooperation and Development is preparing a list of countries where banks accept large deposits of cash without trying to find out how the money was obtained. 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.
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.