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Testimonies by Chip Poncy

June 2018

How Criminal Organizations Launder Money and Innovative Techniques for Fighting Them

February 2018

Beneficial Ownership: Fighting Illicit International Financial Networks Through Transparency

For far too long, these and other such anonymous entities created abroad have masked and enabled terrorist organizations, human traffickers, drug smugglers, and proliferators of weapons of mass destruction to access and exploit the international financial system. The range of abuse does not end here. Money laundering, tax evasion, grand scale corruption, sanctions evasion, fraud, and organized crime at large are regularly perpetrated or enabled on a worldwide basis through the systematic creation and use of anonymous legal entities. Even as the United States continues to enhance and expand its financial tools and power to combat various national security threats, these efforts are increasingly undermined by such exploitation of anonymous legal entities.

November 2017

Legislative Proposals to Counter Terrorism and Illicit Finance

We are confronting a pivotal moment in our 48 years of combatting illicit finance under the Bank Secrecy Act (“BSA”). As our counter-illicit financing efforts have expanded and become ever more important, they are also increasingly challenged – provoking fundamental questions of effectiveness, cost, roles and responsibilities, and, ultimately, sustainability. The combination of these developments necessitates fundamental reform of the BSA and the expanded anti-money laundering / countering the financing of terrorism (“AML/CFT”) regime it supports.

April 2017

Countering Russia: Further Assessing Options for Sanctions

This is the Committee’s second hearing in the past several weeks on assessing next steps and further options for U.S. sanctions on Russia. I commend your attention to this issue of growing urgency to our national security and to the collective security of the international order that the United States has led since the founding of the United Nations over 70 years ago.

June 2015

Evaluating the Security of the U.S. Financial Sector

From the time of 9/11 through the present, the United States has led this global CFT campaign with unprecedented tenacity and commitment.  This commitment has been vindicated by the substantial disruptive and preventive impact of our CFT efforts against our most pressing terrorist threats.