House subcommittee continues efforts to thwart terror financing

Continued efforts to thwart terror financing were at the forefront of a recent Terrorism and Illicit Finance Subcommittee hearing.

Officials said the body sought to examine the terror and illicit financing risks that are inherent in asset transfers, specifically remittances and money transfers.

“The size and complexity of the financial system in the United States means any financial institutions or business, payments system or medium of exchange has the potential to be exploited for money laundering or terrorist financing,” Rep. Steve Pearce (R-NM), subcommittee chairman, said. “The threat is constantly evolving and requires diligent adaptation by law enforcement, financial regulators, intelligence agencies, policymakers, and the financial sector.”

A key takeaway from the hearing, officials said, is the fact remittance transfers can also be sent through informal channels to evade the scrutiny of regulators and law enforcement.

“The deep, ongoing relationships Western Union has with law enforcement are a critical part of what we do,” Duncan DeVille, senior Vice President of Western Union, said. “Terrorists and global criminal organizations threaten the individuals, families, and businesses we serve. They also threaten our own agents and the foundation of our business. Western Union has proved to be a valuable and trusted government partner in protecting U.S. national security and we consider this to be a paramount responsibility and core aspect of our mission.”