By Ramsey Cox
S. Res. 616 gave the Homeland Security and Governmental Affairs Committee permission to provide to law enforcement officials, regulatory agencies, and other entities or individuals duly authorized by federal, state or foreign governments records from the subcommittee’s investigation into U.S. banks being used by possible terrorists or their affiliates for money laundering.
The Homeland Security and Governmental Affairs subcommittee on Investigations looked into the anti-money laundering and terrorist financing vulnerabilities created when a global bank uses its U.S. affiliate to provide U.S. dollars, U.S. dollar services and access to the U.S. financial system to high-risk affiliates, high -correspondent banks and high-risk clients. Whatever information the committee found could now be shared with law enforcement or other agencies.
The resolution was introduced by Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.); it passed by unanimous consent.