Lawmakers and national security experts are concerned that a government agency tasked with assessing a Chinese company's purchase of U.S. money transfer giant MoneyGram cannot adequately assess the implications of the deal, and that the purchase will put Americans' information at risk.

If the purchase by Ant Financial, which has been linked to the Chinese government, goes through, "China would gain direct access to a significant amount of transactional data in MoneyGram’s network," Rep. Robert Pittenger, R-N.C., told Politico.

"The data would include names, bank account numbers, as well as the location of MoneyGram customers," said Pittenger, who serves on the Financial Services Committee and is vice chair of the Task Force on Terrorist Financing.

Critics also say the Committee on Foreign Investment in the United States (CFIUS), a 42-year-old Treasury oversight body, is too understaffed to handle complicated cases and does not have the authority when it comes to address threats to telecommunications and other industries.

An Ant Financial spokesperson issued the following statement Saturday afternoon:

“Ant Financial volunteered and sought the CFIUS review of our proposed combination with MoneyGram and is steadfast in our commitment to protecting the data of U.S. consumers – as we currently do for more than 630 million users worldwide – as well as working with law enforcement in the U.S. and anywhere we operate to fight illicit financing," the statement read.

“Ant is the only partner committed to creating American jobs by growing MoneyGram’s business and operations in the U.S. in a safe and secure way, rather than eliminating jobs in the U.S., as is inevitable with Euronet's proposal for MoneyGram.

“Ant will continue working with MoneyGram to obtain all required regulatory and shareholder approvals to successfully close the transaction later this year.”

Many military personnel use MoneyGram, and several of the company's transfer locations are either inside or very near some of the nation's largest military installations. The company also has locations in about 200 countries, and Pittenger is concerned the Chinese government will be able to leverage personal information it gathers "to harass dissidents, journalists and human rights activists who dare challenge the Chinese Communist Party.”

Ant termed the $880 million deal it announced in January as a "significant milestone" that will "provide greater access, security and simplicity for people around the world to remit funds."

Further, the company said it has many Chinese government-owned companies among its shareholders, it remains a privately owned business, and the government does not have access to consumer data.

Advocates also say personal data on MoneyGram's computers in the United States will stay that way, and remain subject to U.S. regulations.

"We would continue to operate as a stand-alone company" and "customer information will continue to be encrypted and stored on our IT systems in Minneapolis in accordance with all applicable data protection requirements," MoneyGram said in a statement.

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