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Sen. Cruz Applauds Senate Foreign Relations Committee Passage of VERDAD Act

Bill includes Cruz-led provision aimed at ensuring the United States targets money laundering through gold trade

May 23, 2019

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202-228-7561

WASHINGTON, D.C. - U.S. Sen. Ted Cruz (R-Texas), member of the Senate Foreign Relations Committee, on Wednesday applauded the passage of the Venezuela Emergency Relief, Democracy Assistance, and Development (VERDAD) Act, which addresses the political and humanitarian crisis in Venezuela and includes a provision led by Sen. Cruz aimed at ensuring the United States and specifically the Treasury Department targets money laundering using precious metals.

"I am glad that the Senate Foreign Relations Committee advanced the VERDAD Act and my provision regarding precious metals," Sen. Cruz said. "Gold has become a primary way that bad actors conduct illicit financial activities. In Venezuela, the gold trade is Maduro's best and perhaps his last lifeline. My provision will ensure the United States government is empowered to take broad action against entire jurisdictions complicit in moving gold for Venezuela and other bad actors such as Iran."

In March, Sen. Cruz called attention to Maduro's gold lifeline and emphasized efforts to cut off the regime's illicit precious metals trade.

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