Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Senator Amy Klobuchar (D-Minn.) have reintroduced the Combating Money Laundering, Terrorist Finance and Counterfeiting Act. The bill is intended to strengthen criminal statutes related to money laundering.
Grassley said, “Criminal enterprises and terrorist organizations depend on ill-begotten cash to carry out their dark deeds. As money laundering methods have evolved over time, so must the government’s efforts to exact justice. Our bipartisan bill would enhance enforcement measures and penalties, ensuring law enforcement has the tools they need to track down dirty money, hold criminals accountable and prevent further crimes.”
Klobuchar stated, “As criminals and terrorist organizations develop new methods to launder money, we must provide our law enforcement with the tools they need to keep American communities safe. This bipartisan legislation makes necessary updates to anti-money laundering statutes and counterfeiting laws, ensuring the law enforcement community can stay one step ahead of those working to undermine our nation’s safety and security.”
The legislation is supported by several national organizations including the Fraternal Order of Police, the National Association of Assistant U.S. Attorneys, the National Association of Police Organizations, and the National District Attorneys Association.
Patrick Yoes, President of the Fraternal Order of Police said: “By clarifying the law in response to recent court decisions, strengthening penalties and expanding investigative authorities, this legislation will restore critical law enforcement tools and help disrupt transnational criminal organizations. The Fraternal Order of Police strongly supports this bill, which would prevent criminals and terrorists from profiting from their crimes and protect public safety and national security. We are grateful for the leadership of Chairman Grassley and Senator Klobuchar on this legislation, and we look forward to working with them.”
The National Association of Assistant United States Attorneys commented: “The National Association of Assistant United States Attorneys supports the Combatting Money Laundering, Terrorist Financing and Counterfeiting Act because it closes critical gaps in federal money-laundering law that have made complex financial crimes harder to prosecute. By clarifying intent standards, addressing informal and unlicensed money transfer systems and allowing related laundering transactions to be charged more effectively, the bill gives career prosecutors clearer tools to hold criminals accountable. These targeted reforms will strengthen investigations, improve prosecutorial clarity and better reflect how modern money-laundering schemes actually operate.”
Key provisions in this act include updating counterfeiting laws for new technologies; increasing penalties for bulk cash smuggling; applying money laundering laws more broadly; prohibiting cross-border shipment of blank checks intended for evading reporting requirements; creating a new violation involving international transfers meant to violate U.S. tax laws; prohibiting conspiracies around illegal money services businesses; granting wiretapping authority for certain offenses; giving explicit authority for investigating ransomware crimes; as well as updating recordkeeping rules under federal deposit insurance regulations.
The Senate Judiciary Committee oversees such legislative initiatives as part of its responsibilities regarding constitutional protections, public safety nationwide according to its official website. It reviews proposed bills like this one while overseeing federal law enforcement activities and judicial nominations. The committee consists of senators from both major parties led by a chair who organizes meetings and hearings. Based in Washington D.C., its work impacts legal matters across all states and influences civil rights through oversight duties.
