Lawmakers Introduce Bill to Reverse Supreme Court Ruling, Tie Tax Evasion to Laundering

By Matt Squire

The U.S. Senate is considering an anti-fraud bill that would broaden the application of money laundering laws to include the gross receipts of crimes and money funneled offshore to avoid taxes. Sens. Patrick Leahy, a Vermont Democrat, and Charles Grassley, an Iowa Republican, introduced the measure on Thursday to fund the hiring of more mortgage fraud investigators. The bill would also reverse a June 2 Supreme Court ruling that said that only the net proceeds, and not the gross receipts, of crime were subject to money laundering laws. The measure is likely to be widely supported by officials at the...