Tillis legislation seeks to stop illegal mining, trafficking of precious metals

U.S. Sen. Thom Tillis (R-NC) recently offered legislation to disrupt illicit gold mining and trafficking of other precious metals. 

“Illegal mining and trafficking of natural resources in many countries, including Venezuela and Iran, are used to fund rogue regimes and other terrorist organizations,” Sen. Tillis said on Oct. 13. “This is a direct threat to our national security. We must take action against these organizations in order to further prevent these regimes from benefiting financially from these illegal transactions.”

If enacted, S. 2978 would require the U.S. Secretary of the Treasury to consider certain transactions related to precious metals for identifying jurisdictions of primary money laundering concern, according to the text of the bill, which Sen. Tillis cosponsored on Oct. 7 with bill sponsor U.S. Sen. Ted Cruz (R-TX).

The bill would empower the United States to take action against those complicit in mining and moving these resources, according to Sen. Tillis’ staff.

The measure has been referred for consideration to the U.S. Senate Banking, Housing, and Urban Affairs Committee.