Gun Violence Prevention Through Financial Intelligence Act

To require the Financial Crimes Enforcement Network to issue an advisory about how homegrown violent extremists and other perpetrators of domestic terrorism procure firearms and firearm accessories, and for other purposes. 1. Short title This Act may be cited as the Gun Violence Prevention Through Financial Intelligence Act 2. Advisory on the procurement of firearms and firearm accessories for the purposes of carrying out lone wolf (a) In general (1) Request for information The Financial Crimes Enforcement Network shall, not later than one year after the date of the enactment of this section, request information from financial institutions for the purpose of developing an advisory about the identification and reporting of suspicious activity pursuant to section 5318(g) of title 31, United States Code, concerning— (A) activity relating to how homegrown violent extremists and perpetrators of domestic terrorism procure firearms and firearm accessories for the purpose of carrying out lone actor lone wolf (B) the ways in which the United States firearms market is exploited to facilitate gun violence in the United States. (2) Tailoring In requesting information pursuant to paragraph (1), FinCEN shall consider the size of the financial institution from which it is seeking information and tailor the request accordingly. (3) Consultation Before requesting information pursuant to paragraph (1), FinCEN shall consult, with regard to the nature of such request, with the following: (A) The Director of the Federal Bureau of Investigation. (B) The head of the Bureau of Alcohol, Tobacco, Firearms and Explosives at the Department of Justice. (C) Sellers of firearm and firearm accessories. (b) Advisory (1) Sufficient information collected If FinCEN determines that the information collected pursuant to subsection (a) is sufficient to develop the advisory described in subsection (a), FinCEN shall issue such advisory not later than 180 days after the conclusion of the 1-year period beginning on the date of the enactment of this section. (2) Insufficient information collected If FinCEN determines that the information collected pursuant to subsection (a) is not sufficient to develop the advisory described in subsection (a), FinCEN shall, not later than 180 days after the conclusion of the 1-year period beginning on the date of the enactment of this section, submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that describes— (A) the type information that was collected pursuant to subsection (a); (B) the methodology that was used to collect such information; (C) the degree to which financial institutions provided information requested; (D) why such information is not sufficient to develop the advisory described in subsection (a); and (E) any barriers to obtaining the information that is required to develop the advisory described in subsection (a). (c) Rulemaking FinCEN shall, not later than 3 months after the date of the enactment of this section, after consulting with the Director of the Federal Bureau of Investigation and the head of the Bureau of Alcohol, Tobacco, Firearms and Explosives at the Department of Justice, define by rule the following terms for the purposes of this section: (1) Firearm accessory. (2) Homegrown violent extremist. (3) Lone wolf. (4) Lone actor. (d) Definitions For the purposes of this section: (1) Domestic terrorism The term domestic terrorism (2) FinCEN The term FinCEN (3) Financial institution The term financial institution (4) Firearm The term firearm

Summary: Gun Violence Prevention Through Financial Intelligence Act This bill directs the Financial Crimes Enforcement Network (FinCEN) to collect information from financial institutions and to develop an advisory regarding the reporting of suspicious transactions related to gun violence. Specifically, FinCEN must gather information and develop an advisory related to (1) the procurement of firearms and firearm accessories for the purpose of carrying out lone-wolf acts of terror, and (2) how the U.S. firearms market facilitates gun violence.