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WASHINGTON-The House Financial Services Committee held a hearing last week entitled, “Legislative Proposals to Implement the Recommendations of the 9/11 Commission.” The Sept. 22 hearing focused on strengthening title III of the USA PATRIOT Act to fight terrorism, according to a release from Committee Chairman Mike Oxley’s (R-Ohio) office. The committee considered proposals to require the Treasury Department to develop a national money laundering strategy; grant the Securities and Exchange Commission emergency authority to respond to extraordinary market disturbances; boost the authority of the Financial Crimes Enforcement Network; and equate the possession of counterfeiting tools with the intent to use them with the actual act of counterfeiting. It would also charge Treasury with creating an international terrorist finance coordinating council. Provisions to ban the use of credit cards, wire transfers, or other bank instruments for Internet gambling was also considered as part of the bill. “We have come a very long way since 9/11 and we are committed to winning the war against global terrorism,” Oxley said. “The legislation we are discussing today will further the government’s efforts to dismantle and disrupt the terrorists’ financial networks.” Treasury Under Secretary for the Office of Terrorism and Financial Intelligence Stuart A. Levey and Under Secretary for Domestic Finance Brian C. Roseboro were scheduled to testify at the hearing.

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