,h4 ,,res4 #bjf ,in the ,house of ,representatives1 ,u4 ,s41 ,march #ac1 #bjai ,,resolution ,whereas money laundering and other financial crimes are serious threats to our national and economic security2 ,whereas the ,united ,nations ,office on ,drugs and ,crime has reported ,the estimated amount of money laundered globally in one year is #b -- #e of global ,,gdp1 or #hjj billion -- #b trillion in current ,,us dollars2 ,whereas the scale1 efficiency1 and complexity of the ,u4,s4 financial system make it a prime target for those who seek to conceal1 launder1 and move the proceeds of illicit activity2 ,whereas money launderers1 terrorist financiers1 corrupt individuals and organizations1 and their facilitators have proven to adapt quickly in order to avoid detection2 ,whereas given the global nature of money laundering and terrorist financing1 and the increasing interrelatedness within the financial system1 a secure national and multilateral framework is essential to the integrity of the ,u4,s4 financial system2 ,whereas extensive collaboration among financial regulators1 the ,department of the ,treasury1 law enforcement1 and the private sector is required to curtail the illicit flow of money throughout the ,united ,states2 ,whereas despite how extensive and effective these efforts are in the ,united ,states1 there is still substantial room for improvement2 ,whereas financial compliance1 reporting1 investigation1 and collaboration1 as well as courageous whistleblowers and investigative reporting have had significant impact in shining sunlight on the people and institutions behind dark money and markets2 ,whereas in #bjaf1 the ,financial ,action ,task ,force 7,,fatf71 the international standards setting body1 evaluated the ,united ,states' anti-money laundering_/combating the financing of terrorism measures and determined the ,united ,states has significant gaps in its framework2 ,whereas in #bjaf1 the ,,fatf found that in the ,united ,states1 ,minimal measures are imposed on designated non-financial businesses and professions 7,d,n,f,b,ps71 other than casinos and dealers in precious metals and stones2 ,whereas in #bjaf1 the ,,fatf recommended1 ,the ,u4,s4 should conduct a vulnerability analysis of the minimally covered ,,dnfbp sectors to address the higher risks to which these sectors are exposed1 and consider what measures could be introduced to address them2 ,whereas dealers in arts and antiquities are not1 by definition1 covered financial institutions required to comply with the ,bank ,secrecy ,act2 ,whereas ,federal authorities have cautioned that art collectors and dealers to be particularly careful trading ,near ,eastern antiquities1 warning that artifacts plundered by terrorist organizations such as the ,islamic ,state of ,iraq and the ,levant are entering the marketplace2 ,whereas1 according to the ,antiquities ,coalition1 because the ,united ,states is the largest destination for archaeological and ethnological objects from around the world1 the discovery of recently looted and trafficked artifacts in our country not only makes ,americans and our institutions accessories to crimes1 but also threatens our relations with other countries2 ,whereas the real-estate industry1 both commercial and residential1 is exempt from having to develop and implement a four-pillar anti-money laundering program pursuant to the ,bank ,secrecy ,act2 ,whereas it was asserted in a #bjah ,conference ,report by the ,terrorism1 ,transnational ,crime and ,corruption ,center at the ,schar ,school of ,policy and ,government of ,george ,mason ,university1 money laundering in real estate 7,,mlre7 has damaging effects on local economies by negatively impacting property prices and dislocating residents2 ,whereas in #bjag1 in response to evidence about significant money laundering through real estate in the ,united ,states1 the ,financial ,crimes ,enforcement ,network 7,fin,c,e,n7 issued ,geographic ,targeting ,orders 7,g,t,os7 requiring limited beneficial ownership disclosure in certain transactions involving high-end luxury real estate and found that about #cj percent of the transactions covered by the ,g,t,os involve a beneficial owner or purchaser representative that is also the subject of a previous suspicious activity report2 ,whereas the influx of illicit money1 including from ,russian oligarchs1 has flowed largely unimpeded into the ,united ,states through these anonymous shell companies and into ,u4,s4 investments1 including luxury high-end real estate2 ,whereas the ,united ,states has not fulfilled the recommended steps to address the money-laundering loopholes that the ,,fatf has identified with ,,dnfbp sectors2 ,whereas high-profile enforcement actions against some of the largest and most sophisticated financial institutions raise troubling questions about the effectiveness of ,u4,s4 domestic anti-money laundering and counterterrorism financing regulatory1 compliance1 and enforcement efforts2 ,whereas there are financial institutions and individuals employed therein which continue to engage in egregious violations of the ,bank ,secrecy ,act and enter into deferred prosecution agreements and non-prosecution agreements rather than facing convictions and sentences corresponding to the severity of their violations2 ,whereas effective anti-money laundering programs must emphasize sound corporate governance1 including business-line accountability and clear lines of legal responsibility for individuals2 and ,whereas anti-money laundering examinations in recent years at times failed to recognize the cumulative effect of the violations they cited1 instead narrowly focusing their attention on individual banking units1 thus permitting national banks to avoid and delay correcting problems1 which allowed massive problems to occur before serious enforcement actions were taken3 ,now1 therefore1 be it ,that the ,house of ,representatives-- 7#a7 acknowledges that the lack of sunlight and transparency in financial transactions poses a threat to our national security and our economy's security2 7#b7 supports efforts to close loopholes that allow corruption1 terrorism1 and money laundering to infiltrate our country's financial system2 7#c7 encourages transparency to detect1 deter1 and interdict individuals1 entities1 and networks engaged in money laundering and other financial crimes2 7#d7 urges financial institutions to comply with the ,bank ,secrecy ,act and anti-money laundering laws and regulations2 and 7#e7 affirms that financial institutions and individuals should be held accountable for money laundering and terror financing crimes and violations4 ,clerk4