Press Releases

Bills that target the financing of terrorism were introduced by Congresswoman Monica De La Cruz (TX-15) on Tuesday, December 5th.

The Prevent the Financing of Terrorism Through the Drug Trade Act requires the Secretary of the Treasury to submit a report to Congress within 180 days outlining the sources and scope of terrorist financing done by Hamas and Hezbollah in Mexico, Central America, South America, and the Caribbean. Further, it would also add Hamas as a primary threat on the Treasury’s National Terrorist Financing Risk Assessment report, which will provide critical additional data on this terrorist group.

“As we have seen the terrorist activities of Hamas and Hezbollah increasing following the October 7th terrorist attacks in Israel, it is necessary to understand the sources and scope of their activities in Mexico, Central America, South America, and the Caribbean to best protect our National security and Southern Border,” De La Cruz said.

The International Financial Institution Counter Terrorism Accountability Act requires the Secretary of the Treasury to submit a report to Congress within 180 days with countries supported by the World Bank and IMF; a list of the programs and activities provided by the World Bank and IMF to combat terrorist financing; how much is spent on these programs and how much US funding goes towards them; and an evaluation of the effectiveness of these programs and activities.

“This bill aims to ensure international banking organizations, including the World Bank and IMF, are appropriately analyzing their anti-money laundering and anti-terrorism financial programs in the wake of the Hamas attack on Israel,” De La Cruz said. “To do so, my legislation requires a report to Congress evaluating the effectiveness of these programs and activities. After the submission of this report, Treasury is tasked with developing recommendations for the World Bank and IMF to improve their counter terrorist financing and anti-money laundering programs to ensure American tax dollars are being effectively used to hinder money laundering and terrorism activities in the global market.

“The fight against terrorism doesn’t end because a war ends or one terrorist network is destroyed. It is an ongoing battle to prevent the rise of the next terrorist group and protect innocent men, women, and children around the world from the evil inflicted by these monsters. That is why I introduced these bills that target the financing of terror with the goal of stopping terrorism in its tracks.”