House Votes To Strengthen Penalties For War Profiteering

If the House bill becomes law, profiteers will pay ‘$1 million or twice the gross profits…realized from fraudulent activities.’House of Representatives Votes To Strengthen Penalties For War ProfiteeringBy Cliff Montgomery – Oct 12th, 2007The House of Representatives on Tuesday overwhelming voted for legislation “to prohibit profiteering and fraud relating to [U.S.] military action, relief, and reconstruction efforts” in Iraq and elsewhere around the world.The House bill–H.R.400–was first sponsored by Rep. Neil Abercrombie (D-HI), and introduced into the House legislative machinery on Jan. 11th, 2007.Only three representatives voted against the bill and in favor of Big Business at the taxpayers’ expense: Richard Baker of Louisiana, Tom Davis of Virginia, and Michael Rogers of Alabama. All three are Republicans.Below we offer the official congressional summary of the bill:War Profiteering Prevention Act of 2007“Amends the federal criminal code to prohibit profiteering and fraud involving a contract or the provision of goods or services in connection with a mission of the U.S. Government overseas.”Imposes: (1) a fine and/or prison term of up to 20 years for knowingly defrauding the United States or a provisional authority in connection with such a mission or for materially over-valuing any goods or services with the intent to defraud; (2) a fine and/or prison term of up to 10 years for falsification or concealment, false statements, or false documents in connection with such contracts or goods or services.”Authorizes an additional fine of the greater of $1 million or twice the gross profits or proceeds realized from fraudulent activities.”Grants extraterritorial federal jurisdiction over war profiteering and fraud offenses.”Permits [a] venue for the prosecution of such offenses in any district where any act in furtherance of an offense took place, or where any party to a contract or provider of goods or services is located.”Allows criminal forfeiture of property obtained from a war profiteering or fraud offense. Makes war profiteering and fraud a predicate offense for money laundering and racketeering offenses.”Like what you’re reading so far? Then why not order a full year (52 issues) of thee-newsletter for only $15? A major article covering an story not being told in the Corporate Press will be delivered to your email every Monday morning for a full year, for less than 30 cents an issue. Order Now!