Sen. Cruz Introduces Legislation Targeting Illicit
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Posted On: 10/26/2021 5:03:00 PM
Sen. Cruz Introduces Legislation Targeting Illicit Mining, Trading of Precious Metals
Last week, Senators Marco Rubio, Thom Tillis and Ted Cruz introduced a bill to suspend illegal mining and trafficking of gold and other precious metals, which are often used to finance rogue regimes and terrorist groups. This legislation empowers the United States to take action against entities that are complicit in not only extracting these resources but also selling them illegally.
Cruz, who is a member of the Senate Foreign Relations Committee, first introduced this legislation in 2019, but it did not advance. Last month, the senator joined a bipartisan measure that draws attention to the increase in the illegal mining and trafficking of gold in Latin America.
After the legislation was introduced, Cruz stated that the trade and mining of illegal precious metals around the world posed a national security threat not only to the United States but also its allies. He explained that the border between Colombia and Venezuela enabled the smuggling of illicit gold to occur, with guerrilla groups such as the Revolutionary Armed Forces of Colombia and the National Liberation Army benefiting from such smuggling.
He further revealed that the precious minerals mined in Venezuela were also laundered and exported to enhance dangerous regimes like that in Iran. This, he said, was done by moving the minerals through nations such as Turkey, without accountability or transparency. Cruz noted that the legislation would help put an end to these activities by empowering the U.S. Department of Treasury to identify jurisdiction of major money laundering concerns for trade in illegal precious metals.
Tillis agreed with Cruz, reiterating that the illicit mining and trafficking of resources in many nations, including Iran and Venezuela, helped finance terrorist organizations and rogue regimes. Tillis stated that this presented a direct threat to the national security of the United States, which meant that action needed to be taken against these organizations in order to prevent these regimes from further benefiting financially from these illicit transactions. The North Carolina senator noted that he was proud to work with his colleagues to combat these illegal acts and help put a stop to these regimes.
Rubio added that he was also proud to join his colleagues in supporting this initiative, which would empower the U.S. to hold banks, institutions and/or countries accountable for being complicit in the illicit trade of gold from Venezuela or Iran. He asserted that preventing entities and individuals who were enriching themselves illegally by exploiting their country’s natural resources and selling the metals abroad was a top priority.
Curbing illicit actors in the precious metals sector will level the field for companies such as Asia Broadband Inc. (OTC: AABB), which play by the rules and are only interested in addressing the needs of their customers in ethical ways.
NOTE TO INVESTORS: The latest news and updates relating to Asia Broadband Inc. (OTC: AABB) are available in the company’s newsroom at https://ibn.fm/AABB
Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.MiningNewsWire.com/Disclaimer
Last week, Senators Marco Rubio, Thom Tillis and Ted Cruz introduced a bill to suspend illegal mining and trafficking of gold and other precious metals, which are often used to finance rogue regimes and terrorist groups. This legislation empowers the United States to take action against entities that are complicit in not only extracting these resources but also selling them illegally.
Cruz, who is a member of the Senate Foreign Relations Committee, first introduced this legislation in 2019, but it did not advance. Last month, the senator joined a bipartisan measure that draws attention to the increase in the illegal mining and trafficking of gold in Latin America.
After the legislation was introduced, Cruz stated that the trade and mining of illegal precious metals around the world posed a national security threat not only to the United States but also its allies. He explained that the border between Colombia and Venezuela enabled the smuggling of illicit gold to occur, with guerrilla groups such as the Revolutionary Armed Forces of Colombia and the National Liberation Army benefiting from such smuggling.
He further revealed that the precious minerals mined in Venezuela were also laundered and exported to enhance dangerous regimes like that in Iran. This, he said, was done by moving the minerals through nations such as Turkey, without accountability or transparency. Cruz noted that the legislation would help put an end to these activities by empowering the U.S. Department of Treasury to identify jurisdiction of major money laundering concerns for trade in illegal precious metals.
Tillis agreed with Cruz, reiterating that the illicit mining and trafficking of resources in many nations, including Iran and Venezuela, helped finance terrorist organizations and rogue regimes. Tillis stated that this presented a direct threat to the national security of the United States, which meant that action needed to be taken against these organizations in order to prevent these regimes from further benefiting financially from these illicit transactions. The North Carolina senator noted that he was proud to work with his colleagues to combat these illegal acts and help put a stop to these regimes.
Rubio added that he was also proud to join his colleagues in supporting this initiative, which would empower the U.S. to hold banks, institutions and/or countries accountable for being complicit in the illicit trade of gold from Venezuela or Iran. He asserted that preventing entities and individuals who were enriching themselves illegally by exploiting their country’s natural resources and selling the metals abroad was a top priority.
Curbing illicit actors in the precious metals sector will level the field for companies such as Asia Broadband Inc. (OTC: AABB), which play by the rules and are only interested in addressing the needs of their customers in ethical ways.
NOTE TO INVESTORS: The latest news and updates relating to Asia Broadband Inc. (OTC: AABB) are available in the company’s newsroom at https://ibn.fm/AABB
Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.MiningNewsWire.com/Disclaimer
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