[Congressional Record Volume 143, Number 75 (Wednesday, June 4, 1997)]
[House]
[Page H3280]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     THE MONEY LAUNDERING AND FINANCIAL CRIMES STRATEGY ACT OF 1997

  (Ms. VELAZQUEZ asked and was given permission to address the House 
for 1 minute.
  Ms. VELAZQUEZ. Mr. Speaker, the explosion of finance crimes, money 
laundering, credit card fraud and counterfeiting is draining our 
communities of valuable resources.
  For that reason, I introduced H.R. 1756, the Money Laundering and 
Financial Crimes Strategy Act. Under this bill Federal, State, and 
local law enforcement agencies will at last be able to coordinate their 
efforts to combat this rising criminal tide.
  The effect of this criminal activity is chilling. In my district 
there is a section of Roosevelt Avenue in Jackson Heights, Queens, that 
prosecutors and investigators call Ground Zero. That neighborhood is 
home to many hard-working families. It is also an area where an 
exploited wire transfer industry sends up to $1.3 billion in illegal 
drug money abroad.
  My colleagues, the effects of these crimes reach far beyond New York, 
Texas, California. Yet Congress has done little. As a partner in this 
war, it is time for Congress to send a clear message to these criminal 
organizations by cosponsoring H.R. 1756.

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