Illicit Finance Improvements Act
Bill: H.R.6343 | Sponsor: Rep. Lynch, Stephen F. (D-MA)
Policy area: Finance and Financial Sector

Summary:
Illicit Finance Improvements Act
This bill establishes procedures, sets forth penalties, and allows for injunctive relief related to a determination that a financial institution or type of account is of primary money laundering concern in connection with Russian illicit finance.
The bill also revises the permitted meeting subjects of Treasury's supervisory team on cooperation between the public and private sectors for purposes of countering illicit finance to include advising on strategies to counter sanctions evasion.

To expand the scope of the meetings of the supervisory team on 
 countering illicit finance, to improve the combating of Russian money 
                  laundering, 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 ``Illicit Finance Improvements Act''.

SEC. 2. ILLICIT FINANCE IMPROVEMENTS.

    (a) Scope of the Meetings of the Supervisory Team on Countering 
Illicit Finance.--Section 6214(b) of the William M. (Mac) Thornberry 
National Defense Authorization Act for Fiscal Year 2021 (31 U.S.C. 5311 
note) is amended by striking ``to combat the risk relating to 
proliferation financing'' and inserting ``for the purposes of 
countering illicit finance, including proliferation finance and 
sanctions evasion''.
    (b) Combating Russian Money Laundering.--Section 9714 of the 
Combating Russian Money Laundering Act (Public Law 116-283) is 
amended--
            (1) by redesignating subsections (b) and (c) as subsections 
        (f) and (g), respectively; and
            (2) by inserting after subsection (a) the following:
    ``(b) Classified Information.--In any judicial review of a finding 
of the existence of a primary money laundering concern, or of the 
requirement for 1 or more special measures with respect to a primary 
money laundering concern made under this section, if the designation or 
imposition, or both, were based on classified information (as defined 
in section 1(a) of the Classified Information Procedures Act (18 U.S.C. 
App.)), such information may be submitted by the Secretary to the 
reviewing court ex parte and in camera. This subsection does not confer 
or imply any right to judicial review of any finding made or any 
requirement imposed under this section.
    ``(c) Availability of Information.--The exemptions from, and 
prohibitions on, search and disclosure provided in section 5319 of 
title 31, United States Code, shall apply to any report or record of 
report filed pursuant to a requirement imposed under subsection (a) of 
this section. For purposes of section 552 of title 5, United States 
Code, this subsection shall be considered a statute described in 
subsection (b)(3)(B) of that section.
    ``(d) Penalties.--The penalties provided for in sections 5321 and 
5322 of title 31, United States Code, that apply to violations of 
special measures imposed under section 5318A of title 31, United States 
Code, shall apply to violations of any order, regulation, special 
measure, or other requirement imposed under subsection (a) of this 
section, in the same manner and to the same extent as described in 
sections 5321 and 5322.
    ``(e) Injunctions.--The Secretary of the Treasury may bring a civil 
action to enjoin a violation of any order, regulation, special measure, 
or other requirement imposed under subsection (a) of this section in 
the same manner and to the same extent as described in section 5320 of 
title 31, United States Code.''.
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