Sen. Chuck Grassley today said that the United States faces major challenges in stopping terrorist financing and money laundering. Based on testimony from a hearing before the Senate Caucus on International Narcotics Control he noted that many positive efforts have been made to identify and apprehend those who launder money and finance terrorism, but coordination and leadership are needed for future success.
"Clearly there have been productive investigations going on in the various agencies, there are signs of improvement," Grassley said. "But in order to really shut off the money channels for terrorists and drug traffickers we need a coordinated strategy."
Grassley said that he supports the direction shown by both the Bureau of Immigration and Customs Enforcement and the Drug Enforcement Administration. Immigration and Customs Enforcement has begun to identify and shut down systemic vulnerabilities in financial, commercial and trade sectors. The Drug Enforcement Agency has begun a renewed focus on the financial side of their drug investigations.
"It's also important to define where the leadership will lie in this coordinated effort," Grassley said. "It shouldn't be surprising that with every agency trying to lead, it sometimes feels like investigations are tripping over each other."
Grassley said that the witnesses at the hearing held by his Senate Caucus on International Control agreed that a strategy was needed, but there was a clear disagreement over whether or not the Department of Homeland Security should be involved. Grassley indicated that it would be difficult to develop a coordinated approach if the Homeland Security Department isn't at the table.
"In a global economy, promoting economic security is key. By looking at the systems that money launderers use, we can go beyond arresting one guy and get at the heart of the operation," Grassley said.
Testimony from yesterday's hearing on money laundering and terrorist financing is available at the Caucus website, www.drugcaucus.senate.gov.