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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5523 Introduced in House (IH)]

<DOC>

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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Access Improvements Act''.

SEC. 2. IMPROVEMENTS BY COUNTRIES IN COMBATING NARCOTICS-RELATED MONEY 
              LAUNDERING.

    (a) In General.--Section 489 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2291h) is amended--
            (1) in subsection (a)(7)--
                    (A) in the matter before subparagraph (A), by 
                striking ``paragraph (3)(D)'' and inserting ``paragraph 
                (3)(C)''; and
                    (B) by inserting after subparagraph (C) the 
                following:
                    ``(D) Where the information is available, examples 
                of improvements in each country related to the findings 
                described in each of clauses (i) through (viii) of 
                subparagraph (C), such as--
                            ``(i) actions taken by the country due to 
                        each country's adoption of law and regulations 
                        considered essential to prevent narcotics-
                        related money laundering;
                            ``(ii) enhanced enforcement actions taken 
                        by the country, such as regulatory penalties, 
                        criminal prosecutions and convictions, and 
                        asset seizures and forfeitures;
                            ``(iii) status changes in international 
                        financial crime-related evaluations;
                            ``(iv) other descriptions that are 
                        representative of efforts to enhance the 
                        prevention of narcotics-related money 
                        laundering; and
                            ``(v) if applicable, bilateral, 
                        multilateral, and regional initiatives which 
                        have been undertaken to prevent narcotics-
                        related money laundering.''.
    (b) Additional Requirements for Money Laundering Issues.--In making 
each report required under section 489(a) of the Foreign Assistance Act 
of 1961 as amended by subsection (a), the President shall--
            (1) consult with the Secretary of the Treasury on any parts 
        of the report relating to money laundering;
            (2) provide each country identified pursuant to subsection 
        (a)(3)(C) with an opportunity to provide comments on any parts 
        of the draft report relating to money laundering in such 
        country and, where appropriate, include such comments in the 
        final report; and
            (3) prepare a separate volume of the report containing all 
        items relating to money laundering, and submit a copy of such 
        separate volume to the Committee on Financial Services of the 
        House of Representatives and the Committee on Banking, Housing, 
        and Urban Affairs of the Senate.

SEC. 3. REPORT ON CONSISTENCY OF BSA EXAMINATIONS.

    (a) In General.--The Secretary of the Treasury shall, not later 
than 180 days after the date of the enactment of this section--
            (1) consult with the Federal banking agencies, the 
        Financial Institutions Examination Council, and the Bank 
        Secrecy Act Advisory Group to determine how to build more 
        consistent Bank Secrecy Act exams across such agencies; and
            (2) submit to the Committee on Financial Services of the 
        House of Representatives and the Committee on Banking, Housing, 
        and Urban Affairs of the Senate, a report that describes steps 
        the Secretary of the Treasury is taking to build more 
        consistent Bank Secrecy Act exams across such agencies based on 
        the consultation required under paragraph (1).
    (b) Federal Banking Agency.--The term ``Federal banking agency'' 
has the meaning given the term in section 3(q) of the Federal Deposit 
Insurance Act.
                                 <all>
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