releases: https://pearce.house.gov/press-release/pearce-leads-joint-subcommittee-hearing-modifying-bank-secrecy-act
Data license: MIT · Data source: dwillis/congress-press
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| https://pearce.house.gov/press-release/pearce-leads-joint-subcommittee-hearing-modifying-bank-secrecy-act | PEARCE LEADS JOINT SUBCOMMITTEE HEARING ON MODIFYING BANK SECRECY ACT | 2017-11-29 | 2017 | 2017-11 | Republican | House | NM | Steve Pearce | P000588 | pearce.house.gov | legacy | Washington, D.C. (November 29, 2017) Congressman Steve Pearce today led the Terrorism and Illicit Finance Subcommittee and the Financial Institutions and Consumer Credit Subcommittee joint hearing on countering terrorism financing. This joint hearing examined H.R. 2219, the End Banking for Human Traffickers Act of 2017, and the Counter Terrorism and Illicit Finance Act to modernize the Bank Secrecy Act (BSA), which is sponsored by Rep. Pearce. “From the Treasury Department, down to local law enforcement, many moving parts are involved in thwarting the funding of terrorist activities and criminal schemes. As the threat of terrorism evolves, so should the regulations that are used to detect and disrupt the illicit financing within our nation’s financial system,” stated Rep. Pearce. “I appreciate the dedication and work of my colleagues as we work to modernize the Bank Secrecy Act and improve our nation’s framework to combat money laundering and terrorist financing. The Bank Secrecy Act provides agencies within the Treasury Department the vital ability to safeguard our financial system from money laundering, terrorist financing, and other illicit uses. It is imperative to national security that they have the resources needed to detect and disrupt the funding of criminal activity and terroristic acts.” Watch Rep. Pearce give his opening statement at today’s hearing by clicking on the image below or here. Background H.R. 2219 would add the Secretary of the Treasury to the President’s Interagency Task Force to Monitor and Combat Trafficking. This task force is required to submit recommendations to Congress on revisions to anti-money laundering programs to target money laundering as it relates to human trafficking. This bill also reforms training and procedures of anti-money laundering programs in efforts to eliminate human trafficking by eradicating the illicit financing. Rep. Pearce’s discussion draft titled Counter Terrorism and Illicit Finance Act would modernize the Bank Secrecy Act. This bill will reform the BSA to ensure financial institutions and law enforcement are better able to detect and combat the illicit movement of money by criminals and terrorists. The discussion draft of this bill can be found here. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |