Lawmakers should expand financial safe harbor protections to allow banks to better share their suspicions about money laundering and its predicate crimes, a top U.S. regulatory official said Sunday.
The bill would prohibit using more than $10,000 in funds "legitimate or otherwise" to facilitate so-called specified unlawful activities, crimes used to establish money laundering cases.
The U.S. Justice Department is seeking the forfeiture of $110 million in proceeds from an allegedly corrupt Italian bankruptcy case.