(1) The financing of terrorism and related 
forms of illicit finance present a direct threat to na-
tional security and a threat to global stability. 
(2) New terrorist groups or threats can form 
quickly, and other groups change tactics to adapt, 
creating a constantly changing terrorist environ-
ment, presenting ever-changing risks and challenges 
to programs to disrupt the financing of terrorism 
and related forms of illicit finance. 
(3) Terrorists in some instances have formed 
symbiotic relationships with, or are taking over, 
transnational crime syndicates, so that funding for 
both terrorism and profits from crime flow in the 
same fashion and often are indistinguishable. 
(4) Methods of concealing the movement of il-
licit funding change quickly in a globalized economy, 
and rapid technological changes and financial inno-
vation pose new risks that may be increasingly dif-
ficult for governments to stay abreast of without an 
agile, constantly adjusted strategy to spot, disrupt, 
and prevent the financing of terrorism and related 
forms of illicit finance. 
(5) A bipartisan requirement to create a na-
tional anti-money laundering strategy enacted in 
1998 expired in 2007. Given the rapid globalization 
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and rapid technology changes of the financial sector, 
an updated strategy focused on the financing of ter-
rorism is necessary. 
(6) It is important for the Government to have 
a unified strategy to fight financial crime and to up-
date it annually, both to accommodate new and de-
veloping threats and to help Congress develop legis-
lative and funding priorities. 
(7) An effective strategy to counter terrorism 
financing is a critical component of the broader 
counter terrorism strategy of the United States. 
SEC. 3. DEVELOPMENT OF NATIONAL STRATEGY. 
(a) IN GENERAL.—The President, acting through the 
Secretary shall, in consultation with the Attorney General, 
the Secretary of State, the Secretary of Homeland Secu-
rity, the Director of National Intelligence, and the appro-
priate Federal banking agencies, develop a national strat-
egy for combating the financing of terrorism and related 
forms of illicit finance. 
(b) TRANSMITTAL TO CONGRESS.— 
(1) IN GENERAL.—Not later than 1 year after 
the date of the enactment of this Act, the President 
shall submit to the appropriate congressional com-
mittees a comprehensive national strategy developed 
in accordance with subsection (a). 
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(2) UPDATES.—Every 2 years following the ini-
tial submission under paragraph (1), the President 
shall submit to the appropriate congressional com-
mittees updated versions of the national strategy. 
(c) SEPARATE PRESENTATION OF CLASSIFIED MA-
TERIAL.—Any part of the national strategy that involves 
information that is properly classified under criteria estab-
lished by the President shall be submitted to the Congress 
separately in a classified annex and, if requested by the 
chairman or ranking Member of one of the appropriate 
congressional committees, as a briefing at an appropriate 
level of security. 
SEC. 4. CONTENTS. 
(a) IN GENERAL.—The strategy described in section 
3 shall contain the following: 
(1) EVALUATION OF EXISTING EFFORTS.—An 
assessment of the effectiveness of and ways in which 
the United States is currently addressing the highest 
levels of risk of various forms of illicit finance, in-
cluding those identified in the documents entitled 
‘‘2015 National Money Laundering Risk Assess-
ment’’ and ‘‘2015 National Terrorist Financing Risk 
Assessment’’, published by the Department of the 
Treasury and a description of how the strategy is in-
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tegrated into, and supports, the broader counter ter-
rorism strategy of the United States. 
(2) GOALS, OBJECTIVES, AND PRIORITIES.—A 
comprehensive, research-based, long-range, quantifi-
able discussion of goals, objectives, and priorities for 
disrupting and preventing illicit finance activities 
within and transiting the financial system of the 
United States that outlines priorities to reduce the 
incidence, dollar value, and effects of illicit finance. 
(3) THREATS.—An identification of the most 
significant illicit finance threats to the financial sys-
tem of the United States. 
(4) REVIEWS AND PROPOSED CHANGES.—Re-
views of enforcement efforts, relevant regulations 
and relevant provisions of law and, if appropriate, 
discussions of proposed changes determined to be 
appropriate to ensure that the United States pur-
sues coordinated and effective efforts at all levels of 
government, and with international partners of the 
United States, in the fight against illicit finance. 
(5) DETECTION
AND
PROSECUTION
INITIA-
TIVES.—A description of efforts to improve detection 
and prosecution of illicit finance, including efforts to 
ensure that— 
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(A) subject to legal restrictions, all appro-
priate data collected by the Federal Govern-
ment that is relevant to the efforts described in 
this section be available in a timely fashion to— 
(i) all appropriate Federal depart-
ments and agencies; and 
(ii) as appropriate and consistent with 
section 314 of the International Money 
Laundering 
Abatement 
and 
Financial 
Anti-Terrorism Act of 2001 (31 U.S.C. 
5311 note), financial institutions to assist 
the financial institutions in efforts to com-
ply with laws aimed at curbing illicit fi-
nance; and 
(B) appropriate efforts are undertaken to 
ensure that Federal departments and agencies 
charged with reducing and preventing illicit fi-
nance make thorough use of publicly available 
data in furtherance of this effort. 
(6) THE
ROLE
OF
THE
PRIVATE
FINANCIAL 
SECTOR IN PREVENTION OF ILLICIT FINANCE.—A 
discussion of ways to enhance partnerships between 
the private financial sector and Federal departments 
and agencies with regard to the prevention and de-
tection of illicit finance, including— 
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(A) efforts to facilitate compliance with 
laws aimed at stopping such illicit finance while 
maintaining the effectiveness of such efforts; 
and 
(B) providing guidance to strengthen inter-
nal controls and to adopt on an industry-wide 
basis more effective policies. 
(7) ENHANCEMENT
OF
INTERGOVERNMENTAL 
COOPERATION.—A discussion of ways to combat il-
licit finance by enhancing— 
(A) cooperative efforts between and among 
Federal, State, and local officials, including 
State regulators, State and local prosecutors, 
and other law enforcement officials; and 
(B) cooperative efforts with and between 
governments of countries and with and between 
multinational institutions, including the Finan-
cial Action Task Force, with expertise in fight-
ing illicit finance. 
(8) TREND ANALYSIS OF EMERGING ILLICIT FI-
NANCE THREATS.—A discussion of and data regard-
ing trends in illicit finance, including evolving forms 
of value transfer such as so-called cryptocurrencies, 
other methods that are computer, telecommuni-
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cations, or Internet-based, cyber crime, or any other 
threats that the Secretary may choose to identify. 
(9) BUDGET PRIORITIES.—A multiyear budget 
plan that identifies sufficient resources needed to 
successfully execute the full range of missions called 
for in this section. 
(10) TECHNOLOGY ENHANCEMENTS.—An anal-
ysis of current and developing ways to leverage tech-
nology to improve the effectiveness of efforts to stop 
the financing of terrorism and other forms of illicit 
finance, including better integration of open-source 
data. 
SEC. 5. DEFINITIONS. 
In this Act— 
(1) the term ‘‘appropriate congressional com-
mittees’’ means— 
(A) the Committee on Financial Services, 
the Committee on Foreign Affairs, the Com-
mittee on Armed Services, the Committee on 
the Judiciary, the Committee on Homeland Se-
curity, and the Permanent Select Committee on 
Intelligence of the House of Representatives; 
and 
(B) the Committee on Banking, Housing, 
and Urban Affairs, the Committee on Foreign 
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Relations, the Committee on Armed Services, 
the Committee on the Judiciary, the Committee 
on Homeland Security and Governmental Af-
fairs, and the Select Committee on Intelligence 
of the Senate; 
(2) the term ‘‘illicit finance’’ means the financ-
ing of terrorism, money laundering, or other forms 
of illicit financing domestically or internationally, as 
defined by the President; 
(3) the term ‘‘Secretary’’ means the Secretary 
of the Treasury; and 
(4) the term ‘‘State’’ means each of the several 
States, the District of Columbia, and each territory 
or possession of the United States. 
Æ 
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