I 
119TH CONGRESS 
1ST SESSION H. R. 4274 
To limit the imposition of excise taxes and fees on money transmitting 
businesses, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 2, 2025 
Mr. LICCARDO (for himself, Mr. CORREA, Mr. TORRES of New York, Mr. 
VARGAS, Mr. VICENTE GONZALEZ of Texas, Mr. ESPAILLAT, Mr. GARCI´A 
of Illinois, and Mr. SUBRAMANYAM) introduced the following bill; which 
was referred to the Committee on Ways and Means, and in addition to 
the Committee on Financial Services, for a period to be subsequently de-
termined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
A BILL 
To limit the imposition of excise taxes and fees on money 
transmitting businesses, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Remittance Expense 
Minimization and Integrity for Transfers Act’’ or the 
‘‘REMIT Act of 2025’’. 
SEC. 2. FINDINGS. 
The Congress finds the following: 
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(1) Remittances are essential cross-border flows 
of funds from diaspora community members who 
sent money or goods from wherever they reside to 
their home countries. While typically only a few hun-
dred dollars per transaction, the total remittance 
market is estimated by the International Monetary 
Fund to be over $500,000,000,000 globally. These 
funds are so significant to the recipient countries 
that they can make up percentages of their Gross 
Domestic Product and are significant factors in the 
elimination of poverty and the stabilization of econo-
mies. 
(2) A 2016 report from Government Account-
ability Office found that fines on remittances did not 
stop the flow of remittances, but rather led to con-
sumers using unregulated transfer methods. 
(3) In a May 2023 report, the Congressional 
Research Service corroborated that many alternative 
remittance systems, also known as Informal Value 
Transfer Systems (IVTS), lack of documentation 
and their anonymity and informality can make them 
attractive for money laundering, terrorist financing, 
and other illegal purposes. 
(4) A July 5, 2022, Department of the Treas-
ury Financial Crimes Enforcement Network reiter-
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ated longstanding financial-crime concerns about 
IVTS and that IVTS are being used to fund at-
tempted terrorist attacks, including against the 
United States. 
(5) The 2024 National Money Laundering Risk 
Assessment by the U.S. Department of the Treasury 
highlighted that drug traffickers are turning to pro-
fessional money launderers to launder their ill-gotten 
proceeds. In particular, drug traffickers use Chinese 
Money Laundering Organizations (CMLOs), which 
employ IVTS, among other means, to move value 
across borders without needing to use the U.S. fi-
nancial system. While CMLOs provide money laun-
dering services for Transnational Criminal Organiza-
tions, their primary objective is to acquire and sub-
sequently sell United States Dollars (and other for-
eign currencies) using IVTS schemes to assist Chi-
nese nationals seeking to evade the Chinese govern-
ment’s currency controls. CMLOs operating in the 
United States increasingly need access to significant 
amounts of USD to satisfy the demand for IVTS 
services by cartels, Chinese nationals, and other cus-
tomers of their services. 
(6) To obtain dollars, CMLOs work with South 
American drug cartels and also anyone who needs 
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their underground cross-border money transfer serv-
ices. 
(7) CMLOs are just one example of the organi-
zations that would benefit from the increased de-
mand created by any attempt to limit licit movement 
of remittances across borders. 
SEC. 3. EXCISE TAXES AND FEES. 
(a) IN GENERAL.—Notwithstanding any other provi-
sion of law. it is not permissible for the Federal Govern-
ment to require a money transmitting business to pay an 
excise tax or fee unless the Secretary of the Treasury has 
certified to Congress, including the Committee on Finan-
cial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of 
the Senate that such excise tax or fee— 
(1) will not increase the potential for money 
laundering or other financial crime activities; and 
(2) will not impose an undue burden on any 
money transmitting business. 
(b) MONEY TRANSMITTING BUSINESS DEFINED.—In 
this section, the term ‘‘money transmitting business’’ 
means a licensed sender of money or any other person who 
engages as a business in the transmission of currency, 
funds, or value that substitutes for currency, including any 
person who engages as a business in an informal money 
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transfer system or any network of people who engage as 
a business in facilitating the transfer of money domesti-
cally or internationally outside of the conventional finan-
cial institutions system. 
Æ 
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