Washington, DC – Today, Congressman Steve Pearce Chaired a House Financial Services Terrorism and Illicit Finance Subcommittee hearing focused on how hostile nations finance weapons proliferation. Members of the Committee heard from expert witnesses about the latest methods hostile nations and actors are using to avoid sanctions to finance weapons production. Congressman Pearce released the following statement at the conclusion of the hearing.
"On the Terrorism and Illicit Finance Subcommittee, we are charged with providing the tools and resources our nation's intelligence and financial communities needs to succeed and be secure. Part of this essential function is learning how hostile actors work to avoid and counter the sanctions and other regulatory actions our nation imposes. Today's focus was specific to the financial networks that support weapons proliferation." Pearce said.
"If we can identify and cut off these funding streams, we can prevent the proliferation of weapons of mass destruction, and I believe we have come one step closer to these efforts today. With the takeaways learned at today's hearing, TIF and the Financial Services committee can better serve and assist the Treasury Department and Financial Institutions with the rules and authorities needed to combat proliferation financing. Hostile nations and groups are constantly evolving and changing the way they finance their illicit activities, TIF remains committed to providing the tools needed to the Treasury Department and Intelligence Community to counter these very real threats."