US lawmakers are focusing strongly on ways to curtail trade-based money laundering (TBML) ahead of a potential vote later this year on President Barak Obama’s ambitious Asia-Pacific agreement.

They are specifically contemplating measures that would help federal officials fight TBML and strengthen the Trans-Pacific Partnership (TPP) trade deal that is expected to win congressional approval.

Motivators

National security considerations and economic concerns are prompting lawmakers to take TBML very seriously.

In response to these drivers, the House Financial Services Committee’s Task Force to Investigate Terrorism Financing has begun crafting anti-TBML legislation.

Learning curve

Members of the task force admit they are at the foot of a learning curve to curb this type of money laundering.

They plan to meet with banking and industry experts as they draft the legislation.

Congress is expected to vote on the TPP after this November’s presidential elections.