WASHINGTON (Reuters) – Advocates of legislation to beef up the U.S. fight against money laundering made a fresh push on Monday to get Congress to act, after new revelations that some leading global banks have been processing payments linked to alleged illicit funds.
A broad, bipartisan group of U.S. lawmakers already support the proposed law, which would rework how financial firms keep an eye out for illegal activity. Banks, law enforcement groups and human rights advocates support it as well.
But the legislation has stalled in Congress amid other priorities.
A series of articles called the “FinCEN Files,” launched on Sunday by Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ), detailed how several global banks moved large sums of allegedly illicit funds for decades despite red flags. The series sent bank stocks tumbling on Monday and prompted new calls for legislative reform.
“The Buzzfeed story makes clear we