Reuters: Senator Warren says U.S. needs to 'rethink' money laundering laws
WASHINGTON (Reuters) - Democratic Senator Elizabeth Warren said on Tuesday the United States needed to review outdated laws for combating money laundering which are creating an undue compliance burden for small and community banks.
During a Congressional hearing on Tuesday, Warren said she supported more stringent company ownership disclosure requirements and changing the threshold for reporting suspicious transactions in order to make life easier for small lenders and law enforcement.
"Money laundering is a massive problem ... so everything we can do to crack down on that is good and that's what we should be doing," the Massachusetts lawmaker told the Senate Banking Committee. "But it seems to me we need to rethink a lot of our money laundering laws some of which ... were written back in the 1970s and are badly out of date."
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