releases: https://pearce.house.gov/press-release/pearce-holds-hearing-illicit-money-transfers
Data license: MIT · Data source: dwillis/congress-press
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| https://pearce.house.gov/press-release/pearce-holds-hearing-illicit-money-transfers | PEARCE HOLDS HEARING ON ILLICIT MONEY TRANSFERS | 2017-07-18 | 2017 | 2017-07 | Republican | House | NM | Steve Pearce | P000588 | pearce.house.gov | legacy | Washington, DC (July 18, 2017) Congressman Steve Pearce led the Subcommittee on Terrorism and Illicit Finance hearing on “Managing Terrorism Financing Risk in Remittances and Money Transfers,” to examine the risks that are inherent in the use of money service businesses (MSBs), remittance payments, and other value-transfer systems. “The size and complexity of the financial system in the United States and continuous innovation means our financial entities have a greater chance of being exploited for money laundering or terrorist financing. It is important that safe, legitimate, and affordable options for transferring money through regulated and transparent methods exist in these communities,” stated Rep. Pearce. “The threat from terrorist financing is constantly evolving and requires law enforcement, financial regulators, intelligence agencies, policymakers, and the financial sector to quickly adapt. In today’s hearing, we explored the various channels of money transferring to better understand and combat vulnerabilities that can have a great effect on our nation’s security.” Watch today’s hearing by clicking on the image below or here. Background Any financial institution or business, payment system, or medium of exchange has the potential to be exploited for money laundering or terrorist financing. Terrorist groups and transnational criminal organizations will exploit all forms of asset transfer, whether through formal banking channels, money services businesses (MSBs), or other legitimate remittance networks, or through informal and unregulated value-transfer systems. When remittances and other payment methods are exploited in particular geographic regions or among certain groups of people, so-called “de-risking” can push customers into less regulated, underground systems. Efforts to strengthen formal financial networks should also ensure these less-transparent, informal financial systems do not provide a safe, opaque alternative for terrorists and criminals to transfer money. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |