March 3, 2022

Cassidy Legislation Prevents Oligarchs from Circumventing Sanctions

WASHINGTON—U.S. Senator Bill Cassidy, M.D. (R-LA) introduced legislation creating a permanent inter-agency trade-based money laundering (TBML) task force to coordinate efforts and streamline communication among U.S. law enforcement and intelligence agencies. Cassidy’s Special Russian Sanctions Authority Act of 2022 implements a recent General Accountability Office (GAO) recommendation to create such an initiative against Russian oligarchs and their cronies.

“Putin and his cronies move millions of dollars to buy yachts and fund Putin’s war machine while the Russian people suffer. Trade-based money laundering is a national security issue. It’s time the U.S. has an all-of-government approach to combat illicit trade,” said Dr. Cassidy.

Additional Cassidy-led efforts to strengthen trade-based money laundering capabilities:

  • Cassidy wrote an op-ed bringing attention to Hezbollah’s usage of TBML to fund their terrorist activities
  • Cassidy released a statement on a Government Accountability Office (GAO) report outlining the need for better information sharing and collaboration to address TBML
  • Cassidy released a white paper addressing trade-based money laundering as a top national security threat

Cassidy’s Special Russian Sanctions Authority Act of 2022 sanctions members of the Russian military and government, designates Vladimir Putin as a terrorist, provides $10 billion in aid to Ukraine, and more.