The Pennsylvania State Troopers Association sent a letter to Senator Pat Toomey in support of the ILLICIT CASH Act (S 2563) and calling for the establishment of commonsense measures to protect the American financial sector. The full letter can be read below or downloaded here.
The Honorable Pat Toomey
United States Senate
248 Russell Senate Office Building
Washington, D.C. 20510
Dear Senator Toomey,
The Pennsylvania State Troopers Association (PSTA) consists of 4,300 active and retired State Police Troopers. It is the purpose of the PSTA to cultivate a spirit of loyalty in its members who go to work every day prepared to put their lives on the line for their Pennsylvanians. We also work to build long-standing relationships with law enforcement agencies that also exemplify fearless dedication and valiant service to the communities they serve.
This commitment to unifying the law enforcement community for the betterment and protection of all Pennsylvanians is why we are adding or support behind a critical piece of legislation under consideration by your office. The PSTA believes the ILLICIT CASH Act (S. 2563) will have a profound impact on preventing drug smuggling, human trafficking, opioid abuse, and other illicit activity in Pennsylvania and we encourage you to secure its passage.
Support for anti-money laundering reforms is very much bipartisan and includes Pennsylvania law enforcement officials who clearly see the need to eliminate the significant dangers caused by anonymous shell companies. All too often criminal investigations hit a dead end when law enforcement encounters a company with hidden ownership. These blind spots directly compromise the safety and security of Pennsylvania residents.
Anonymous shell companies not only make it easier for criminals to evade law enforcement, but under current federal law, it’s perfectly legal for them to do so. At this time, there is no federal requirement to provide business ownership information when a company is formed or when ownership changes.
Commonsense reforms to secure our financial system-like a federal requirement to disclose business ownership information-will help prevent the United States and our beloved Commonwealth from being a haven for criminal activity. With streamlined information sharing and a verifiable business ownership directory, law enforcement will be equipped to pursue criminals who exploit loopholes in our financial system to fund and/or fide their dangerous behavior.
The ILLICIT CASH Act strikes the right balance between imposing minimal requirements on businesses owners while providing critical information to law enforcement and financial institutions performing due diligence. The time has come to eliminate anonymous shell companies in the United States, and we are eager to stand with in support of this commonsense legislation that does just that.
David Kennedy, President
Pennsylvania State Troopers Association