WASHINGTON, March 12 -- Sen. John Cornyn issued the following news release:
U.S. Senators John Cornyn (R-TX) and Marsha Blackburn (R-TN) today introduced the Stop Somali Currency Airport Smuggling through Hawalas (CASH) Fraud Act, which would target hawalas, an informal system Somalis and individuals from other Muslim-majority countries use to transfer money, by expanding the disclosure requirements for non-citizens who are transporting cash from the U.S. to high-risk countries like Somalia:
"For decades, people who are not U.S. citizens have used the archaic, untraceable hawala banking system to ship hundreds of millions of dollars back to their homelands with little oversight," said Sen. Cornyn. "As the now-exposed Somali fraud empire i...