The strategy report is required by a new law advanced by Grassley and adopted by Congress last year, called the Money Laundering and Financial Crimes Strategy Act. The strategy includes initiatives for designating high-risk money laundering zones at which to direct coordinated law enforcement efforts, rules requiring scrutiny of suspicious financial activity at financial institutions and casinos, as well as intensified pressure on nations that lack adequate counter-money laundering controls to adopt them.
Grassley serves as chairman of the International Narcotics Control Caucus. During the press conference, Grassley gave the following statement.
"One of the best ways to attack the drug problem is to hit the traffickers where they feel it most - in their pocket books. If we can't stop the money, we aren't going to be able to stop the drugs.
"Money laundering involves complex transactions between multiple jurisdictions and countries, involving hundreds of billions of dollars annually. The National Money Laundering Strategy that we are announcing today is designed to improve coordination, communication, and cooperation of our law enforcement agencies as they strike at the finances of criminal organizations.
"The National Drug Control Strategy provides a plan on how to deal with narcotics, from interdiction in the source countries and the transit zone, to treatment and prevention activities here in the U.S. The National Money Laundering Strategy tackles the other half of this equation - how the cash gets from the street corner back to the international drug dealer to fund this vicious cycle.
"Recent reports about Russian mafia activity remind us that we must do more to fight this complex problem. Money laundering can taint and undermine out financial institutions, governments, and law enforcement. We must be prepared and have a coherent plan to address the problem - not just to arrest terrorists and drug dealers - but to protect the integrity and public trust of our financial system."