Search the record
clear ✕
84 results
Hearing Converging Criminal Enterprises: Chinese Money Laundering Networks and Cartel Financing in the U.S. Financial System
house Oversight and Investigations Subcommittee · Jun 9, 2026 · Transcript · 13 transcript matches
MS. LIANA ROSEN "the CMLNs will also advertise the funds for sale to potential buyers. Payment for the dollars is made in the PRC in Chinese currency, and the equivalent amount minus a fee would then be accessible to the buyer or their associates in the United States. In this way, too, Chinese currency would not need to leave the PRC, thus avoiding red flags of potential capital flight. The true purpose of these transactions, however, is obscured by layers and layers of complex laundering schemes that make these transactions appear legitimate. CMLNs will disguise the transactions through global trade, real..."
Hearing Oversight of the Financial Crimes Enforcement Network
house National Security, Illicit Finance, and International Financial Institutions Subcommittee · Jul 21, 2026 · Transcript · 8 transcript matches
LICCARDO, SAM T. "Okay. And as you indicated, there's no question that criminal organizations use U.S. companies, the shell companies, to hide their illicit proceeds and move their funds. Does this make FinCEN's job easier or harder to protect the financial system from the criminal activity and terrorist activity related to moving illicit"
Hearing Modernizing the BSA for Financial Crime in the 21st Century
house National Security, Illicit Finance, and International Financial Institutions Subcommittee · May 21, 2026 · Transcript · 8 transcript matches
BEATTY, JOYCE "The Bank Secrecy Act, or the BSA, which, as you've already heard, was enacted in 1970, remains to this day one of the strongest tools that we have to stop money laundering, to crack down on shell companies, and to combat terrorist financing, and to protect American consumers from fraud and financial crime. We all know it exists. By helping banks and financial institutions detect and report suspicious activity that may be linked to financial crime, the BSA protects our financial system, it promotes transparency and accountability, and it develops trust in our banking"
Hearing Confronting Haiti’s Terrorist Gangs: The Gang Suppression Force and the Path Ahead
house Foreign Affairs Committee · Jul 21, 2026 · Transcript · 5 transcript matches
SALAZAR, MARIA ELVIRA "And then decapitate him, since you told me that he is the – barbecuing him, meaning decapitating the head, meaning him, and then the rest of the gang organizations may crumble. Okay. My time is – I just have one more question for you, Mr. Kozak. You know that I sent a letter to you and to Secretary Rubio, basically asking for this shell company called Comercio Dola – whatever – in Cuba. And what they do is that they're the shell company for the Cuban military in charge of human trafficking. And what they do is that they're the shell company for the Cuban military in charge of human..."
CRS Report
Money Laundering in the U.S. Real Estate Sector
Resources · Jan 4, 2022
Global Trends and Domestic Concerns Money laundering and other financial crimes in the real estate sector take many forms and continue to challenge real estate, financial institution, law...
Testimony THE HONORABLE KRISTIN ROBBINS
“Oversight of Fraud and Misuse of Federal Funds in Minnesota: Part I”
house Oversight and Government Reform Committee · Jan 7, 2026
"politically supporting the Democrats, who have also been contributing to them, and who have been involved in multiple schemes. A woman who is in this child care group, the Minnesota Minority Child Care Association, Ikram Mohamed, she was later indicted in the Feeding Our Future scandal, as was her brother, and her mother, and I believe a sister. It's a network that functions in our state that we have to get a handle on. Then one of the people indicted in that case for Feeding Our Future for..."
Hearing A Review of the Office of Space Commerce’s Mission Authorization Proposal
house Space and Aeronautics Subcommittee · Jul 15, 2026 · Transcript · 4 transcript matches
SELF, KEITH "So what exactly do you consider the legal, both protections and authorities that you're giving the company? Okay. And I think my last question is going to be, how are we going to make sure that we're, that China is not hiding behind shell companies? Because that's their modus operandi today, shell companies, multiple companies deep. Because that's their modus operandi today, shell companies, multiple companies"
Hearing Foreign Influence in American Non-profits: Unmasking Threats from Beijing and Beyond
house Ways and Means Committee · Feb 10, 2026 · Transcript · 4 transcript matches
SMITH, JASON "And it's no wonder that the People's Forum echoes Communist Party propaganda. One of their largest donors is a wealthy former U.S. tech executive living in Shanghai who is cozy, extremely cozy, with the Chinese Communist Party. Navelle Roy Singham and his wife, a co-founder of Code Pink, donated over $20 million to the People's Forum through shell companies and donor-advised funds to hide the original source of the money. This committee has worked tirelessly to unravel, to unravel the Singham CCP network. Just last night, I sent letters to Tri-Continental and Breakthrough News, two..."
Testimony LICCARDO, SAM T.
Oversight of the Financial Crimes Enforcement Network
house Financial Services Committee · Jul 21, 2026
"Okay. And as you indicated, there's no question that criminal organizations use U.S. companies, the shell companies, to hide their illicit proceeds and move their funds. Does this make FinCEN's job easier or harder to protect the financial system from the criminal activity and terrorist activity related to moving illicit"
CRS Report
Venezuela’s Natural Gas: Opportunity Knocks?
InFocus · Feb 19, 2026
The capture and arrest of Venezuelan President Nicolás Maduro on January 3, 2026, and the formation of an interim government working with U.S. officials have renewed possibilities for developing...
CRS Report
U.S. Efforts to Combat Money Laundering, Terrorist Financing, and Other Illicit Financial Threats
Resources · Feb 4, 2025
The United States maintains a multifaceted policy regime for tackling anti-money laundering (AML), combating the financing of terrorism (CFT), and countering illicit financial threats. The 119th...
Hearing “Oversight of Fraud and Misuse of Federal Funds in Minnesota: Part I”
house Oversight and Government Reform Committee · Jan 7, 2026 · Transcript · 2 transcript matches
THE HONORABLE KRISTIN ROBBINS "politically supporting the Democrats, who have also been contributing to them, and who have been involved in multiple schemes. A woman who is in this child care group, the Minnesota Minority Child Care Association, Ikram Mohamed, she was later indicted in the Feeding Our Future scandal, as was her brother, and her mother, and I believe a sister. It's a network that functions in our state that we have to get a handle on. Then one of the people indicted in that case for Feeding Our Future for money laundering, $1.1 million, then they used that same company, shell company, they did the money..."
Hearing “Emerging Fraud Threats and the Evolving Fraud Landscape”
house Government Operations Subcommittee · Jul 15, 2026 · Transcript · 2 transcript matches
MR. DAVID MAIMON "The pandemic did not create this infrastructure, but it supercharged it. Criminals learned how to acquire stolen and synthetic identities, stand up shell companies, open bank accounts, and recruit money mules at scale. When pandemic-relief programs ended, none of that capacity"
Hearing “The Southern Poverty Law Center: Manufacturing Hate, Part II”
house Judiciary Committee · Jun 9, 2026 · Transcript · 2 transcript matches
JORDAN, JIM "How about Northwest Technologies? And these are, well, did the Southern Poverty Law Center establish shell companies to pay to run the money through to then pay the field sources? So, did you pay the field sources directly or did you pay them through an"
CRS Report
U.S. Regulation of Chinese Stocks: Legal Background and Regulatory Options
Posts · Sep 21, 2020
Tensions between the United States and China have again moved to center stage. In recent weeks, the Trump Administration has ordered China to close its Houston consulate over allegations of economic...
CRS Report
Russia’s Nord Stream 2 Natural Gas Pipeline to Germany Halted
Resources · Mar 10, 2022
In connection with Russia’s invasion of Ukraine, the German government has suspended certification of the Nord Stream 2 natural gas pipeline. The pipeline—which has been constructed but has not...
CRS Report
SPAC IPO: Background and Policy Issues
Resources · Apr 5, 2021
A special purpose acquisition company (SPAC) is a type of “blank-check” company that raises capital through initial public offerings (IPOs) with the intention to use the proceeds to acquire other...
CRS Report
Congressional Court Watcher: Recent Appellate Decisions of Interest to Lawmakers (April 29–May 5, 2024)
Posts · May 6, 2024
The federal courts issue hundreds of decisions every week in cases involving diverse legal disputes. This Sidebar series selects decisions from the past week that may be of particular interest to...
CRS Report
Evergrande Group and China’s Debt Challenges
InFocus · May 12, 2026
Since 2021, some Members of Congress have raised issues about debt levels of the People’s Republic of China (PRC or China) and possible risks of U.S. exposure to China in the event of PRC corporate...
CRS Report
U.S. Capital Markets and China: Issues for Congress
Resources · Dec 19, 2024
Financial ties between the United States and the People’s Republic of China (PRC or China) have been contracting since 2020, due in part to China’s economic slowdown, reinvigorated PRC capital...
CRS Report
China’s Economic and Trade Ties with Russia
Resources · May 24, 2022
Two developments in February 2022—the announcement by leaders of the People’s Republic of China (PRC or China) and the Russian Federation (Russia) of a strategic partnership that “knows no limits”...
Testimony LICCARDO, SAM T.
Oversight of the Financial Crimes Enforcement Network
house Financial Services Committee · Jul 21, 2026
"As we look at how illicit finance works in our world, we often see the laundering of proceeds and funding of terrorism and crime through shell companies. Is that right? Yes, we do. And some of those shell companies may obscure the identity of criminals and they may be based abroad and some may be based in the Yes, we do. And some of those shell companies may obscure the identity of criminals and they may be based abroad and some may be based in the And in fact, if you're a crook, you might..."
Testimony ANDREA GACKI
Oversight of the Financial Crimes Enforcement Network
house Financial Services Committee · Jul 21, 2026
"And in this administration, Treasury leadership decided that the balance needed to be restruck, that the typology of shell companies did not justify placing such a burden on millions of law-abiding businesses under the Corporate Transparency Act. And so, in the interim final rule, using authority granted by the Corporate Transparency Act to authorize exemptions, the Treasury Department, with the concurrence— U.S. companies are not required to report beneficial"
Testimony NUNN, ZACHARY
Oversight of the Financial Crimes Enforcement Network
house Financial Services Committee · Jul 21, 2026
"Look, here's the reality. You were pointing out to the Biden administration, I'm a Republican, but we found ways to work together, and I think that's really important. That's what most Americans want. Now, I appreciate my friend, Mr. Liccardo's, argument here that the CTA is something that should go after shell companies. We've identified nearly 40,000 shell companies with Chinese designators. We've identified nearly 40,000 shell companies with Chinese"
Testimony NUNN, ZACHARY
Oversight of the Financial Crimes Enforcement Network
house Financial Services Committee · Jul 21, 2026
"It's the exact reason that Treasury was tasked with saying, what is the implication here and how do we hold these guys accountable? So let's work together across the aisle in the same way you and I have on being able to find out who these shell companies are, but let's not put the burden back on small businesses and fine and fee America because the good guys are already given the information that we need. It's the bad guys who are clearly lying on these"
Testimony SALAZAR, MARIA ELVIRA
Confronting Haiti’s Terrorist Gangs: The Gang Suppression Force and th...
house Foreign Affairs Committee · Jul 21, 2026
"And then decapitate him, since you told me that he is the – barbecuing him, meaning decapitating the head, meaning him, and then the rest of the gang organizations may crumble. Okay. My time is – I just have one more question for you, Mr. Kozak. You know that I sent a letter to you and to Secretary Rubio, basically asking for this shell company called Comercio Dola – whatever – in Cuba. And what they do is that they're the shell company for the Cuban military in charge of human trafficking. And..."
Testimony SALAZAR, MARIA ELVIRA
Confronting Haiti’s Terrorist Gangs: The Gang Suppression Force and th...
house Foreign Affairs Committee · Jul 21, 2026
"Bottom line, modern-day human trafficking. Is there any way that you can put this shell company on the blacklist? And when I say that, why does that happen? Because when that happens, then you will be saying to those countries that legally"
Testimony SPEAKER_04
Confronting Haiti’s Terrorist Gangs: The Gang Suppression Force and th...
house Foreign Affairs Committee · Jul 21, 2026
"So I'll – I'll have to check with you as to whether that individual shell company is – It's no"
Testimony MR. DAVID MAIMON
“Emerging Fraud Threats and the Evolving Fraud Landscape”
house Oversight and Government Reform Committee · Jul 15, 2026
"The pandemic did not create this infrastructure, but it supercharged it. Criminals learned how to acquire stolen and synthetic identities, stand up shell companies, open bank accounts, and recruit money mules at scale. When pandemic-relief programs ended, none of that capacity"
Testimony MR. DAVID MAIMON
“Emerging Fraud Threats and the Evolving Fraud Landscape”
house Oversight and Government Reform Committee · Jul 15, 2026
"Different programs, different agencies, same playbook. The same stolen identity, the same shell company, the same bank account reused across systems that rarely talk to each other. That fragmentation is the"
Testimony SELF, KEITH
A Review of the Office of Space Commerce’s Mission Authorization Propo...
house Science, Space, and Technology Committee · Jul 15, 2026
"So what exactly do you consider the legal, both protections and authorities that you're giving the company? Okay. And I think my last question is going to be, how are we going to make sure that we're, that China is not hiding behind shell companies? Because that's their modus operandi today, shell companies, multiple companies deep. Because that's their modus operandi today, shell companies, multiple companies"
Testimony SELF, KEITH
A Review of the Office of Space Commerce’s Mission Authorization Propo...
house Science, Space, and Technology Committee · Jul 15, 2026
"I think those questions that you just outlined will be not sufficient because we know that China uses three or four shell companies deep. This is a major issue, and particularly, I would think, when it comes to space, because we know that they hide the actual ownership and control deep within multiple layers of shell"
Testimony NUNN, ZACHARY
Protecting American Innovation: The Federal Research Security Enterpri...
house Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party · Jul 15, 2026
"Dr. Kaiser, I could not agree with you more. Thank you for being a resource to our hometowns on this, our innovators, and our universities. Look, 20 years in counterintelligence, and we know there are 40,000 shell companies operating here with direct ties to the CCP. The very fact that they could be in the supply chain and stealing our best technology is something we"
Testimony SPEAKER_19
H.R. 8800 – National Defense Authorization Act for Fiscal Year 2027; H...
house Rules Committee · Jun 29, 2026
"Well, Democrats had a longstanding kind of coalition around disclosing the beneficial owners, regardless of privacy concerns, and so they passed this bill that would make every business disclose. Well, the Chamber of Commerce didn't like that, and the banks wanted to monkey off their back. So they said, well, if the business has 20 or fewer employees, well, then we'll assume that those are the kind of shell companies that launder money. It's just that. It's like, if you look at who's the..."
Testimony MS. LIANA ROSEN
Converging Criminal Enterprises: Chinese Money Laundering Networks and...
house Financial Services Committee · Jun 9, 2026
"the CMLNs will also advertise the funds for sale to potential buyers. Payment for the dollars is made in the PRC in Chinese currency, and the equivalent amount minus a fee would then be accessible to the buyer or their associates in the United States. In this way, too, Chinese currency would not need to leave the PRC, thus avoiding red flags of potential capital flight. The true purpose of these transactions, however, is obscured by layers and layers of complex laundering schemes that make..."
Testimony MR. LELAND LAZARUS
Converging Criminal Enterprises: Chinese Money Laundering Networks and...
house Financial Services Committee · Jun 9, 2026
"Then in 2024, Operation Fortune Runner, U.S. authorities alleged that the Sinaloa cartel and Chinese criminals laundered more than $50 million in drug proceeds. In another case, the name of Zhidong Zhang, he laundered more than $77 million through more than 100 shell companies in the U.S., Mexico, and Cuba, and China. His network was involved in fentanyl precursors, cocaine, methamphetamine, logistics, and cartel finance. But this isn't confined to just the U.S. and Mexico. We're seeing this..."
Testimony MR. LELAND LAZARUS
Converging Criminal Enterprises: Chinese Money Laundering Networks and...
house Financial Services Committee · Jun 9, 2026
"But this isn't confined to just the U.S. and Mexico. We're seeing this silk road of crime expanding to Canada, Brazil, Chile, the Caribbean, Paraguay, and even across the pond in the U.K. The pattern is the same. They're leveraging free trade zones, e-commerce platforms, exchange houses, shell companies, students, and commercial fronts. So what should Congress do about this problem, and the administration as"
Testimony MR. LELAND LAZARUS
Converging Criminal Enterprises: Chinese Money Laundering Networks and...
house Financial Services Committee · Jun 9, 2026
"Second, Congress should strengthen the Corporate Transparency Act on Beneficial Ownership Transparency. If cartel-linked Chinese laundering networks rely on shell companies and front firms, then weakening it moves the United States in exactly the wrong direction. Third, we need to create an interagency public-private task force on how to leverage AI against Chinese money laundering"
Testimony MR. LOUIS DETITTO
Converging Criminal Enterprises: Chinese Money Laundering Networks and...
house Financial Services Committee · Jun 9, 2026
"This dual function is highly efficient. Bulk narco cash is purchased in the United States, matched via ledger balancing with Renminbi inside China, and cleanly redirected in supply chains, real estate, shell companies, and seemingly legitimate commerce. By design, no single bank or agency can see this full cycle from end to"
Testimony MR. LELAND LAZARUS
Converging Criminal Enterprises: Chinese Money Laundering Networks and...
house Financial Services Committee · Jun 9, 2026
"Thank you for that question, Chairman. I think that the Chinese money laundering networks are becoming increasingly sophisticated in leveraging AI to, for example, open up hundreds of different shell companies at a time to specifically target everyday Americans, whether you're living in a rural area or in a city. And so I think that we really do need to leverage AI to get after this issue as"
Testimony WATERS, MAXINE
Converging Criminal Enterprises: Chinese Money Laundering Networks and...
house Financial Services Committee · Jun 9, 2026
"Republicans are trying to make this deficiency permanent. Shell companies have been used for years by money launchers to move and hide illicit funds with few restrictions through the U.S. Now, the only reporting left about the identities of shell companies is really the reporting to banking institutions, which the Government Accountability Office concluded was not sufficient for a number of reasons. With respect to money laundering investigations, just how much more difficult is it for law..."
Testimony MR. LOUIS DETITTO
Converging Criminal Enterprises: Chinese Money Laundering Networks and...
house Financial Services Committee · Jun 9, 2026
"if the beneficial owners have a legitimate presence, legitimate business presence, and you can trace those source of funds to legitimate activity, it becomes exculpatory as well. So I want more information on the ownership, and as one of my colleagues stated, the CMLNs are using Gen-AI to establish shell companies day after day. So I want to know, even if the intelligence is false, we can still gather patterns and conduct pattern analysis on information that may even be"
Testimony WILLIAMS, NIKEMA
Converging Criminal Enterprises: Chinese Money Laundering Networks and...
house Financial Services Committee · Jun 9, 2026
"The property sits while the money gets clean, and the Atlanta Journal-Constitution documented exactly what anonymous LLC ownership looks like on the ground in a community in my district, Ashview Heights, when a shell company owned a blighted property and a reporter spent a week trying to find the actual owners. This is because the U.S. law didn't require anyone to say who actually owned the"
Testimony WILLIAMS, NIKEMA
Converging Criminal Enterprises: Chinese Money Laundering Networks and...
house Financial Services Committee · Jun 9, 2026
"Mr. Cassara, at a basic level, why does real estate money laundering through anonymous LLCs matter as a national security and financial crime issue, and why is property an attractive vehicle for criminal networks like the ones we're discussing here today? That's exactly what we're feeling at home, and that's why this issue, which seemed a little complicated, hits right home for the people that I represent. Everybody can feel this. We're seeing the housing market across the board, whether it's..."
Testimony NUNN, ZACHARY
Converging Criminal Enterprises: Chinese Money Laundering Networks and...
house Financial Services Committee · Jun 9, 2026
"the banker's cartel for poisoning our communities, including over 40,000 shell companies that are operating right here in the United States today. Every dollar that is laundered buys more"
Testimony KAMLAGER-DOVE, SYDNEY
Various Measures
house Foreign Affairs Committee · Jun 9, 2026
"For months, Secretary Lutnick, Secretary Rubio, and President Trump worked to secure a tungsten mining deal for an American company in Kazakhstan, announcing the deal during the C5-plus-1 Leaders Summit in D.C. Yet just a few months later, the Financial Times reported that a shell company backed by Eric and Donald Trump Jr. took a stake in the mining company, which had secured up to $1.6 billion in U.S. government support from Ex-Im Bank and DFC. This evidently raises concerns that the..."
Testimony JORDAN, JIM
“The Southern Poverty Law Center: Manufacturing Hate, Part II”
house Judiciary Committee · Jun 9, 2026
"How about Northwest Technologies? And these are, well, did the Southern Poverty Law Center establish shell companies to pay to run the money through to then pay the field sources? So, did you pay the field sources directly or did you pay them through an"
Testimony JORDAN, JIM
“The Southern Poverty Law Center: Manufacturing Hate, Part II”
house Judiciary Committee · Jun 9, 2026
"J&J Electronics, and Kelly's Marine. And I just want to know if that was the intermediate shell companies that you guys set up to pay the field sources. Is that"
Testimony SPEAKER_25
H.R. 8464 – Stopping Fraudulent Payments Act; H.R. 8312 – Fraud Preven...
house Rules Committee · Jun 8, 2026
"Secretary Nome spent more than $200 million taxpayer dollars on an advertising campaign. The money, $140 million of it, went to a newly established secretive Delaware shell company and made its way into the bank accounts of a conservative political advertising firm that she had steered money to previously when she was governor of South Dakota. Why was, how was she able to do that? How was her office able to do that? She said it was an"
Testimony BEATTY, JOYCE
Modernizing the BSA for Financial Crime in the 21st Century
house Financial Services Committee · May 21, 2026
"The Bank Secrecy Act, or the BSA, which, as you've already heard, was enacted in 1970, remains to this day one of the strongest tools that we have to stop money laundering, to crack down on shell companies, and to combat terrorist financing, and to protect American consumers from fraud and financial crime. We all know it exists. By helping banks and financial institutions detect and report suspicious activity that may be linked to financial crime, the BSA protects our financial system, it..."
Testimony BEATTY, JOYCE
Modernizing the BSA for Financial Crime in the 21st Century
house Financial Services Committee · May 21, 2026
"To make matters worse, Republicans in Congress continue to push a dangerous deregulatory agenda that puts our national security and financial system at risk. For example, lowering the Currency Transaction Report and Suspicious Activity Report thresholds and creating new national security risks to exploit their stablecoin legislation. Just last month, the committee Republicans voted to largely repeal the CTA, making it easier for fraudsters and cartels to laundry their money through shell..."
Testimony CAROLE HOUSE
Modernizing the BSA for Financial Crime in the 21st Century
house Financial Services Committee · May 21, 2026
"Our adversaries are already exploiting seams in our financial system faster than our frameworks are adapting. Chinese military-linked procurement routes controlled semiconductors through anonymous U.S. shell companies. Iranian, Russian, and DPRK sanctions evasion is exploiting offshore dollar-denominated stable coins outside direct U.S."
Testimony CAROLE HOUSE
Modernizing the BSA for Financial Crime in the 21st Century
house Financial Services Committee · May 21, 2026
"Retirees are losing their life savings in a trillion-dollar shadow war to pig-butchering scams run from compounds in Southeast Asia and Africa. The proceeds from fentanyl that's killing tens of thousands of Americans flow through anonymous shell companies, mirror banking networks, and real estate transactions. The AML framework exists to address exactly these threats that have been prioritized by this Congress, and even in most cases by this"
Testimony DAVIDSON, WARREN
Modernizing the BSA for Financial Crime in the 21st Century
house Financial Services Committee · May 21, 2026
"Yeah, thank you. You know, Mr. Court, you're representing banks and the Bank Policy Institute, people that have to go out and execute it. You know, one of the pieces of data, just the total compliance cost, and only 5.4 percent of this in the past decade has even used at all. Mr. Anthony cites, you know, 287 cases that were created out of it. We all see public things in my home state of Ohio. We're looking at shell companies that are apparently doing lots of Medicaid business, but, you know,..."
Testimony CASTEN, SEAN
Modernizing the BSA for Financial Crime in the 21st Century
house Financial Services Committee · May 21, 2026
"IRS actually has delegated enforcement authority for the Bank Secrecy Act, and the IRS has cut their staff by 25% thanks to DOGE, including a lot of those enforcement agents. We can't ignore the fact that the SEC has eliminated nearly 20% of their staff under Trump. CFTC is cut by the same amount. CFTC has reportedly laid off every single enforcement attorney in their Chicago office, who have previously secured billions of dollars in settlements, including on the FTX case from folks doing..."
Testimony LICCARDO, SAM T.
Modernizing the BSA for Financial Crime in the 21st Century
house Financial Services Committee · May 21, 2026
"You recall that? And specifically, I'm quoting from it, refers to ensuring that banks will identify the following categories of suspicious activity, the utilization of nominee accounts, shell companies, or complex funnel structures designed to obfuscate the identity of the ultimate beneficial owners. That responsibility, in some ways, would place some burden on banks to identify with red flags when these activities happen. Is that"
Testimony LICCARDO, SAM T.
Modernizing the BSA for Financial Crime in the 21st Century
house Financial Services Committee · May 21, 2026
"Yeah. And I understand BPI was actually interested, as others in the industry were, that this registry that was maintained would be helpful because we'd have a centralized database that would essentially take some burden off of you from having to play detective to understand who's really behind shell companies that may be moving money for illicit purposes. Is that"
Testimony BLUMENTHAL, RICHARD
Hearings to examine the nomination of Markwayne Mullin, of Oklahoma, t...
senate Homeland Security and Governmental Affairs Committee · Mar 18, 2026
"They bypassed procurement rules to award that contract to a shell company that was created days before to benefit a Republican consulting firm with close ties to Secretary Noem and Mr. Lewandowski. Will you commit to cooperating with our"
Testimony SMITH, JASON
Foreign Influence in American Non-profits: Unmasking Threats from Beij...
house Ways and Means Committee · Feb 10, 2026
"And it's no wonder that the People's Forum echoes Communist Party propaganda. One of their largest donors is a wealthy former U.S. tech executive living in Shanghai who is cozy, extremely cozy, with the Chinese Communist Party. Navelle Roy Singham and his wife, a co-founder of Code Pink, donated over $20 million to the People's Forum through shell companies and donor-advised funds to hide the original source of the money. This committee has worked tirelessly to unravel, to unravel the Singham..."
Testimony DELBENE, SUZAN K.
Foreign Influence in American Non-profits: Unmasking Threats from Beij...
house Ways and Means Committee · Feb 10, 2026
"Mr. Weissman, can you explain how Citizens United opened the floodgates for unlimited, undisclosed spending in U.S. elections? And from a national security perspective, how has this decision created vulnerabilities that foreign actors can exploit through shell companies and 501c4 organizations? Disclosure and"
Testimony SPEAKER_16
Foreign Influence in American Non-profits: Unmasking Threats from Beij...
house Ways and Means Committee · Feb 10, 2026
"This presidential memorandum would have labeled a terrorist Rosa Parks and Martin Luther King. It's very elaborate now, sort of channeling money between entities, between shell companies, limited liability companies, into the C4s and then on to super PACs. The C4s themselves are spending less now than they did in the early days post-Citizens United and really serving as vehicles to funnel money directly into the super PACs. But again, we really can't trace the money because we don't have..."
Testimony SPEAKER_05
Foreign Influence in American Non-profits: Unmasking Threats from Beij...
house Ways and Means Committee · Feb 10, 2026
"You described these anonymous grants and fiscal sponsorships as vulnerabilities that allow that allow money to flow with almost no public visibility. Most importantly, you shared your professional judgment that a practical and cost-effective remedy would be to modernize Form 990 with standardized questions to generate structured data for the IRS. Mr. Dubinsky, based on your 40 years of unmasking the labyrinth of shell companies and offshore to use AI to flag foreign influence in a way that..."
Testimony MS. KATHY STOKES
Hearings to examine made in China and paid by seniors, focusing on sto...
senate Aging (Special) Committee · Jan 14, 2026
"which aggregates intelligence related to elder fraud to support law enforcement. And NEFC recently revived a stalled transnational federal fraud investigation when it was able to identify a network of 24 U.S.-based shell companies receiving victim funds. Indeed, transnational criminal organizations drive the expansion, and the funds they amass represent a national security"
Hearing Protecting American Innovation: The Federal Research Security Enterprise
house Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party · Jul 15, 2026 · Transcript
NUNN, ZACHARY "Dr. Kaiser, I could not agree with you more. Thank you for being a resource to our hometowns on this, our innovators, and our universities. Look, 20 years in counterintelligence, and we know there are 40,000 shell companies operating here with direct ties to the CCP. The very fact that they could be in the supply chain and stealing our best technology is something we"
Hearing H.R. 8800 – National Defense Authorization Act for Fiscal Year 2027; H.R. 8884 – Removing Barriers to Work for Disabled Americans Act; H. Res....
house Rules Committee · Jun 29, 2026 · Transcript
SPEAKER_19 "Well, Democrats had a longstanding kind of coalition around disclosing the beneficial owners, regardless of privacy concerns, and so they passed this bill that would make every business disclose. Well, the Chamber of Commerce didn't like that, and the banks wanted to monkey off their back. So they said, well, if the business has 20 or fewer employees, well, then we'll assume that those are the kind of shell companies that launder money. It's just that. It's like, if you look at who's the beneficial owner of IBM, they're publicly traded, you would know. If you want to look at who's the..."
Hearing Various Measures
house Foreign Affairs Committee · Jun 9, 2026 · Transcript
KAMLAGER-DOVE, SYDNEY "For months, Secretary Lutnick, Secretary Rubio, and President Trump worked to secure a tungsten mining deal for an American company in Kazakhstan, announcing the deal during the C5-plus-1 Leaders Summit in D.C. Yet just a few months later, the Financial Times reported that a shell company backed by Eric and Donald Trump Jr. took a stake in the mining company, which had secured up to $1.6 billion in U.S. government support from Ex-Im Bank and DFC. This evidently raises concerns that the president's family members are financially"
Hearing H.R. 8464 – Stopping Fraudulent Payments Act; H.R. 8312 – Fraud Prevention and Accountability Act; H. Res. 1335 – Condemning actors seeking to...
house Rules Committee · Jun 8, 2026 · Transcript
SPEAKER_25 "Secretary Nome spent more than $200 million taxpayer dollars on an advertising campaign. The money, $140 million of it, went to a newly established secretive Delaware shell company and made its way into the bank accounts of a conservative political advertising firm that she had steered money to previously when she was governor of South Dakota. Why was, how was she able to do that? How was her office able to do that? She said it was an"
Hearing Hearings to examine the nomination of Markwayne Mullin, of Oklahoma, to be Secretary of Homeland Security.
senate Homeland Security and Governmental Affairs Committee · Mar 18, 2026 · Transcript
BLUMENTHAL, RICHARD "They bypassed procurement rules to award that contract to a shell company that was created days before to benefit a Republican consulting firm with close ties to Secretary Noem and Mr. Lewandowski. Will you commit to cooperating with our"
Hearing Hearings to examine made in China and paid by seniors, focusing on stopping the surge of international scams.
senate Aging (Special) Committee · Jan 14, 2026 · Transcript
MS. KATHY STOKES "which aggregates intelligence related to elder fraud to support law enforcement. And NEFC recently revived a stalled transnational federal fraud investigation when it was able to identify a network of 24 U.S.-based shell companies receiving victim funds. Indeed, transnational criminal organizations drive the expansion, and the funds they amass represent a national security"
Hearing Hearings to examine the reality of Medicaid.
senate Budget Committee · Aug 4, 2026 · Transcript
JONATHAN INGRAM "Merkley, and members of the committee, Jonathan Ingram, Vice President of Policy and Research at the Foundation for Government Accountability. Criminals steal billions from Medicaid every year. Last summer, prosecutors charged a Russia-led crime syndicate that stole the identities of more than a million Americans and then billed Medicare and Medicaid more than $10 billion. In May, prosecutors charged 15 defendants in Minnesota in the largest Medicaid autism fraud case in American history. In Ohio, fraudsters built networks of shell home health companies, billed Medicaid for care that they..."
Hearing States on the Frontlines of Counterintelligence
house Intelligence (Permanent Select) Committee · Jul 15, 2026 · Transcript
CRAWFORD, ERIC A. "RICK" "penetration efforts beyond targeting Washington circles, endangering our states, our communities, and our universities, often gaining access to airspace and critical infrastructure. Much of this activity unfolds in the gray zone, below the threshold of armed conflict or even criminal activity. Put simply, often their activities are legal and deliberately structured that way. Adversaries cloak these efforts as commercial hybrid threats, shell investments, front companies, and seemingly ordinary transactions blending state intent with private cover. This is why we're holding this open hearing,..."
Hearing Hearings to examine the TRICARE pharmacy program.
senate Personnel Subcommittee · Jul 15, 2026 · Transcript
SPEAKER_04 "When you take that provision, which gives them the right to move money around, after the fact, across plans, it's essentially, we're talking about what? A complex shell game. We're talking about a Fortune 20 company playing a shell game that you see on the street corner in any city. And you combine that with the fact that in their own court admissions, they admit that they administer their retail network in a manner that's"
Hearing FY27 BIS Budget: the AI Arms Race and the ICTS Office
house Foreign Affairs Committee · Jul 14, 2026 · Transcript
KIM, YOUNG "They go straight to the source and hire companies like TSMC to manufacture the chips for them. And they hide these activities by creating shell or front companies. In 2024, TSMC manufacturer AI chip was discovered inside Huawei's hardware by research firm Tech"
Hearing An Overview of the Department of Energy’s Fiscal Year 2027 Budget Request
house Science, Space, and Technology Committee · Jun 10, 2026 · Transcript
RILEY, JOSH "In communities like upstate New York, that has hurt the working class. And when we see our utility bills hit the table every week and then see a bunch of that money being shipped overseas, it's the same old story of greed and corruption that we've dealt with for decades. We should not—upstate New Yorkers should not be forced to shell out money every month to the utility company and see it shipped to a foreign corporation overseas. Central Hudson is one of the utility companies in our"
CRS Report
The Financial Crimes Enforcement Network (FinCEN): Anti-Money Laundering Act of 2020 Implementation and Beyond
Report · Mar 20, 2026
On January 1, 2021, Congress passed the Anti-Money Laundering Act of 2020 (AMLA) as Division F of the William M. (Mac) Thornberry National Defense Authorization Act (NDAA) for FY2021 (P.L. 116-283)....
CRS Report
Forfeiture Trail for Russian Oligarchs’ Luxury Assets
Posts · Oct 13, 2022
The Justice Department recently announced issuance of seizure warrants for a luxury yacht and airplanes located in various foreign countries and owned by sanctioned Russian oligarchs. The warrants...
CRS Report
Trade-Based Money Laundering: Overview and Policy Issues
Reports · Jun 22, 2016
Trade-based money laundering (TBML) involves the exploitation of the international trade system for the purpose of transferring value and obscuring the true origins of illicit wealth. TBML schemes...
CRS Report
China-U.S. Trade Issues
Reports · Jul 30, 2018
U.S.-China economic ties have expanded substantially since China began reforming its economy and liberalizing its trade regime in the late 1970s. Total U.S.-China merchandise trade rose from $2...
CRS Report
Natural Gas Markets Going Global: Changes in Consumption
Reports · Nov 23, 2022
The future of natural gas as a fuel for the global economy depends on many factors, including supply, consumption, prices, transportation, and policies. In 2020, natural gas made up approximately 25%...
Testimony JONATHAN INGRAM
Hearings to examine the reality of Medicaid.
senate Budget Committee · Aug 4, 2026
"Merkley, and members of the committee, Jonathan Ingram, Vice President of Policy and Research at the Foundation for Government Accountability. Criminals steal billions from Medicaid every year. Last summer, prosecutors charged a Russia-led crime syndicate that stole the identities of more than a million Americans and then billed Medicare and Medicaid more than $10 billion. In May, prosecutors charged 15 defendants in Minnesota in the largest Medicaid autism fraud case in American history. In..."
Testimony CRAWFORD, ERIC A. "RICK"
States on the Frontlines of Counterintelligence
house Intelligence (Permanent Select) Committee · Jul 15, 2026
"penetration efforts beyond targeting Washington circles, endangering our states, our communities, and our universities, often gaining access to airspace and critical infrastructure. Much of this activity unfolds in the gray zone, below the threshold of armed conflict or even criminal activity. Put simply, often their activities are legal and deliberately structured that way. Adversaries cloak these efforts as commercial hybrid threats, shell investments, front companies, and seemingly ordinary..."
Testimony SPEAKER_04
Hearings to examine the TRICARE pharmacy program.
senate Armed Services Committee · Jul 15, 2026
"When you take that provision, which gives them the right to move money around, after the fact, across plans, it's essentially, we're talking about what? A complex shell game. We're talking about a Fortune 20 company playing a shell game that you see on the street corner in any city. And you combine that with the fact that in their own court admissions, they admit that they administer their retail network in a manner that's"
Testimony KIM, YOUNG
FY27 BIS Budget: the AI Arms Race and the ICTS Office
house Foreign Affairs Committee · Jul 14, 2026
"They go straight to the source and hire companies like TSMC to manufacture the chips for them. And they hide these activities by creating shell or front companies. In 2024, TSMC manufacturer AI chip was discovered inside Huawei's hardware by research firm Tech"
Testimony RILEY, JOSH
An Overview of the Department of Energy’s Fiscal Year 2027 Budget Requ...
house Science, Space, and Technology Committee · Jun 10, 2026
"In communities like upstate New York, that has hurt the working class. And when we see our utility bills hit the table every week and then see a bunch of that money being shipped overseas, it's the same old story of greed and corruption that we've dealt with for decades. We should not—upstate New Yorkers should not be forced to shell out money every month to the utility company and see it shipped to a foreign corporation overseas. Central Hudson is one of the utility companies in our"