I 

118TH CONGRESS 

1ST SESSION H. R. 5523 

To amend the Foreign Assistance Act of 1961 to include information in 

the International Narcotics Control Strategy Report on improvements 

by countries in combating narcotics-related money laundering, to require 

a report on the consistency of Bank Secrecy Act examinations, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 18, 2023 

Ms. WATERS introduced the following bill; which was referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial 

Services, for a period to be subsequently determined by the Speaker, in 

each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To amend the Foreign Assistance Act of 1961 to include 

information in the International Narcotics Control Strategy Report on improvements by countries in combating 

narcotics-related money laundering, to require a report 

on the consistency of Bank Secrecy Act examinations, 

and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Financial Access Im3 provements Act’’. 

4 SEC. 2. IMPROVEMENTS BY COUNTRIES IN COMBATING 

5 NARCOTICS-RELATED MONEY LAUNDERING. 

6 (a) IN GENERAL.—Section 489 of the Foreign Assist7 ance Act of 1961 (22 U.S.C. 2291h) is amended— 

8 (1) in subsection (a)(7)— 

9 (A) in the matter before subparagraph (A), 

10 by striking ‘‘paragraph (3)(D)’’ and inserting 

11 ‘‘paragraph (3)(C)’’; and 

12 (B) by inserting after subparagraph (C) 

13 the following: 

14 ‘‘(D) Where the information is available, 

15 examples of improvements in each country re16 lated to the findings described in each of 

17 clauses (i) through (viii) of subparagraph (C), 

18 such as— 

19 ‘‘(i) actions taken by the country due 

20 to each country’s adoption of law and reg21 ulations considered essential to prevent 

22 narcotics-related money laundering; 

23 ‘‘(ii) enhanced enforcement actions 

24 taken by the country, such as regulatory 

25 penalties, criminal prosecutions and convic26 tions, and asset seizures and forfeitures; 


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•HR 5523 IH

1 ‘‘(iii) status changes in international 

2 financial crime-related evaluations; 

3 ‘‘(iv) other descriptions that are rep4 resentative of efforts to enhance the pre5 vention of narcotics-related money laun6 dering; and 

7 ‘‘(v) if applicable, bilateral, multilat8 eral, and regional initiatives which have 

9 been undertaken to prevent narcotics-re10 lated money laundering.’’. 

11 (b) ADDITIONAL REQUIREMENTS FOR MONEY LAUN12 DERING ISSUES.—In making each report required under 

13 section 489(a) of the Foreign Assistance Act of 1961 as 

14 amended by subsection (a), the President shall— 

15 (1) consult with the Secretary of the Treasury 

16 on any parts of the report relating to money laun17 dering; 

18 (2) provide each country identified pursuant to 

19 subsection (a)(3)(C) with an opportunity to provide 

20 comments on any parts of the draft report relating 

21 to money laundering in such country and, where ap22 propriate, include such comments in the final report; 

23 and 

24 (3) prepare a separate volume of the report 

25 containing all items relating to money laundering, 


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1 and submit a copy of such separate volume to the 

2 Committee on Financial Services of the House of 

3 Representatives and the Committee on Banking, 

4 Housing, and Urban Affairs of the Senate. 

5 SEC. 3. REPORT ON CONSISTENCY OF BSA EXAMINATIONS. 

6 (a) IN GENERAL.—The Secretary of the Treasury 

7 shall, not later than 180 days after the date of the enact8 ment of this section— 

9 (1) consult with the Federal banking agencies, 

10 the Financial Institutions Examination Council, and 

11 the Bank Secrecy Act Advisory Group to determine 

12 how to build more consistent Bank Secrecy Act 

13 exams across such agencies; and 

14 (2) submit to the Committee on Financial Serv15 ices of the House of Representatives and the Com16 mittee on Banking, Housing, and Urban Affairs of 

17 the Senate, a report that describes steps the Sec18 retary of the Treasury is taking to build more con19 sistent Bank Secrecy Act exams across such agen20 cies based on the consultation required under para21 graph (1). 

22 (b) FEDERAL BANKING AGENCY.—The term ‘‘Fed23 eral banking agency’’ has the meaning given the term in 

24 section 3(q) of the Federal Deposit Insurance Act. 

Æ 


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