U.S. senators pledged Tuesday to swiftly advance legislation that would enhance the ability of federal prosecutors to obtain confidential records from foreign banks and allow them to impose temporary asset freezes on suspected criminals, among other new powers. Under the Combating Money Laundering, Terrorist Financing, and Counterfeiting Act, foreign lenders would risk losing their U.S. correspondent accounts if they fail to comply with a Treasury or Justice Department subpoena for data on clients that may be under criminal investigation or civil forfeiture action in the United States. "An assertion that compliance with the subpoena would conflict with a provision of...
The head of a powerful Senate panel introduced legislation Thursday that would empower law enforcement to seize undeclared prepaid value at U.S. borders and enable federal prosecutors to charge suspected income tax evaders with money laundering.
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