Good afternoon Chairman Sasse, Ranking Member Donnelly and distinguished members of the subcommittee. My name is Dennis M. Lormel. I have been engaged in the fight against money laundering and illicit finance for 45 years. Between my law enforcement experience and my private sector consulting...

Contemporary anti-money laundering and counter-terrorist financing (AML/CTF) practice has shifted toward evaluating the effectiveness of money laundering controls. In addition to the traditional output and activity measures of the Financial Action Task Force’s (FATF) 40 Recommendations,1 the current (fourth) round of evaluations also assesses...