June 28, 2017
Heather Lowe, +1 202 293 0740 ext. 228
GFI Expert Urges Members of Congress to Proceed with Caution and Ensure that Any Proposed Changes Continue to Protect the Public Interest in Seeing that Criminals Do Not Have Access to the U.S. Banking System
Time: 2:00 PM EST
Date: Wednesday, June 28, 2017
Room: 2128
Venue: Rayburn House Office Building, Washington, DC 20515
WASHINGTON, DC – Global Financial Integrity (GFI) Legal Counsel and Director of Government Affairs Heather Lowe will testify before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit during a public hearing entitled “Examining the BSA/AML Regulatory Compliance Regime” on Wednesday.
The Bank Secrecy Act (BSA) governs anti-money laundering (AML) for financial institutions in the United States, and the Financial Crimes Enforcement Network (FinCEN) administers the implementing regulations. AML regulations provide necessary safeguards to protect the financial system from abuse by those seeking to wash all traces of crime, corruption, or terrorist financing from their funds.
“Money laundering and the technology that can help us combat it are both evolving, and in light of this it is appropriate to consider whether changes to our regulatory structure should be made,” Ms. Lowe stated in her prepared remarks. “Equally, however, it is critical that Congress consider and carefully weigh the potential benefits against potential negative ramifications before making decisions in this area. Regulation and enforcement are primarily dissuasive measures because they carry potential liability, and we should be very careful when we look to decrease those dissuasive measures.”
Notes to Editors:
- Click here to access a copy of Ms. Lowe’s written testimony.
- Click here to see the House Financial Services hearing announcement.
- Click here to read the Committee Memorandum on the hearing.
- For more information on Ms. Lowe, click here. To download a high-resolution image of Ms. Lowe, click here.
Journalist Contacts:
Christine Clough
cclough@gfintegrity.org
+1 202 293 0740 x231 (Office)
+1 202 510 1548 (Cell)