Representative Auchincloss Introduces ‘No Bank Accounts for Terrorists’ Law

NEWTON, MA — Congressman Jake Auchincloss, vice chairman of the House Financial Services Committee, on Tuesday introduced the No Bank Accounts for Terrorists Act, a bill that tasks the Treasury Department with monitor financial institutions to determine if they are possibly engaged in money laundering on behalf of the Taliban.

If passed, the bill will also empower the Secretary of the Treasury to implement special measures if the Treasury determines that there are reasonable grounds to conclude that accounts related to illicit Afghan finance are the main problems of money laundering.

“Afghanistan is in crisis,” Auchincloss said in a statement. “The United States has a responsibility to support short-term humanitarian assistance and long-term economic development. Otherwise, Afghans will suffer and the Chinese Communist Party will take control of the copper and lithium veins that are essential to clean energy and IT supply chains.”

“In order to pursue humanitarian and economic programs with confidence that funds will not be channeled into narco-terrorism activities, the United States must prevent illicit financing by the Taliban,” he continued.

In November, this invoice was discussed at a hearing of the Financial Services Subcommittee on National Security, International Development, and Monetary Policy, of which Auchincloss is a member.