Press Release
National Center for Public Policy Research Free Enterprise Project (FEP)
Free Enterprise Project Demands Accountability After $1.2 Billion Penalty for Anti-Money Laundering Violations
Washington, D.C. — After Bank of America was hit with a $1.2 billion penalty for serious anti-money laundering violations involving billions of dollars in suspicious transactions, Free Enterprise Project (FEP) Executive Director Steve Milloy is demanding answers about how the banking giant allowed transactions linked to Chinese money laundering networks and other national security risks to slip through the cracks.
“We are shocked and gravely concerned that Bank of America violated federal anti-money laundering laws,” said Milloy. “But we are especially concerned about the Communist China aspect. It represents a national security threat. Bank of America may not be selling communists the rope, but it seems to be facilitating their financial transactions toward the same end.”
The National Center for Public Policy Research, FEP’s parent organization, is a Bank of America shareholder.
According to federal regulators, Bank of America willfully violated the Bank Secrecy Act by failing to maintain an adequate anti-money laundering program, conduct required due diligence on certain foreign financial institution accounts and promptly report suspicious activity.
