Support for Capacity of the International Monetary Fund to Prevent Money Laundering and Financing of Terrorism

Floor Speech

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Mr. PEARCE. Mr. Speaker, I thank the gentleman for yielding, and I appreciate my colleague for her support on the bill.

The IMF plays a very significant role in global economic stability. Since they work with the world's central banks and financial institutions, it is only appropriate that we would be extending technical assistance to this organization and make it more permanent that they would finance and back up the plans of all countries to combat money laundering and terrorism. That is the simple precept of the bill.

So as we look at the possibilities, the global rise of terrorism is causing instability in every corner of the world. The world should be now standing up saying that we all join hands, we join arms, link arms to fight this global scourge. One of the most important fights is the ability to choke off the financing, to interrupt the financing of the operations.

This will not do completely what we need to do to stop the threats of global terrorism, but it will go a long way. But, more importantly, it will get buy-in from countries right now are reticent to take part. That is one of the essential things. Some nations are allowed to sit on the sidelines, and all we are saying is that should be up to all of us, not one country here, not the countries that are being affected, but the entire world should be standing together.

This is just a commonsense, pragmatic approach to the situation of money laundering and terrorism. Again, it is not a partisan issue. So I appreciate the input of my colleagues on the other side of the aisle.

With that, I recommend that all vote ``yes'' on H.R. 5469.

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