U.S. Lawmaker Will Revise Laundering Prosecution Bill to Account for Stored Value Cards

By Matt Squire

A U.S. lawmaker who last year proposed a bill that would expand the power of prosecutors to include money laundering charges in a criminal case, will amend the proposal to account for "new and emerging trends," in stored value and prepaid cards and other issues, said the bill's sponsor on Tuesday. Senator Charles Grassley, the ranking Republican on the Senate Finance Committee and sponsor of the bill, said Tuesday that the measure has been rewritten to keep pace of new trends in money laundering and terrorist financing. The bill, introduced in February 2007, will be resubmitted soon, he said. Opponents...