Title: Preventing Rogue and Foreign Actors From Evading Sanctions Act
Policy area: Finance and Financial Sector

Summary:
Preventing Rogue and Foreign Actors From Evading Sanctions Act
This bill directs the Department of the Treasury to report on the use of new financial technologies (e.g., digital currencies) in terrorism and other illicit activities and develop a strategy to mitigate this use.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5227 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 5227

To require a report and strategy with respect to virtual currencies and 
  other related emerging technologies being used to evade sanctions, 
   finance terrorism, and launder monetary instruments, and threaten 
        United States national security, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 8, 2018

Mr. Meadows (for himself and Mr. Zeldin) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To require a report and strategy with respect to virtual currencies and 
  other related emerging technologies being used to evade sanctions, 
   finance terrorism, and launder monetary instruments, and threaten 
        United States national security, 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 ``Preventing Rogue and Foreign Actors 
From Evading Sanctions Act''.

SEC. 2. REPORT AND STRATEGY WITH RESPECT TO VIRTUAL CURRENCIES AND 
              OTHER RELATED EMERGING TECHNOLOGIES.

    (a) In General.--Not later than 180 days after the date of the 
enactment of this Act, the President, acting through the Secretary of 
Treasury and in consultation with the Attorney General, the Secretary 
of State, the Secretary of Homeland Security, the Director of National 
Intelligence, the Director of the Office of Management and Budget, and 
the appropriate Federal banking agencies and Federal functional 
regulators, shall--
            (1) submit to the appropriate congressional committees a 
        report that identifies and describes the potential uses of 
        virtual currencies and other related emerging technologies by 
        states, non-state actors, and foreign terrorist organizations 
        to evade sanctions, finance terrorism, or launder monetary 
        instruments, and threaten United States national security; and
            (2) develop and submit to the appropriate congressional 
        committees a strategy to mitigate and prevent such illicit use 
        of virtual currencies and other related emerging technologies.
    (b) Form; Public Availability.--
            (1) Form.--The report and strategy required under 
        subsection (a) shall be submitted in unclassified form, but may 
        contain a classified annex.
            (2) Public availability.--The unclassified portion of such 
        report and strategy shall be made available to the public and 
        posted on the internet website of the Department of Treasury--
                    (A) in pre-compressed, easily downloadable versions 
                that are made available in all appropriate formats; and
                    (B) in machine-readable format, if applicable.
    (c) Sources of Information.--In preparing the report and strategy 
required under subsection (a), the President may utilize any credible 
publication, database, web-based resource, and any credible information 
compiled by any government agency, nongovernmental organization, or 
other entity that is made available to the President.

SEC. 3. BRIEFING.

    Not later than 2 years after the date of the enactment of this Act, 
the Secretary of the Treasury shall brief the appropriate congressional 
committees on the implementation of the strategy required under section 
2.

SEC. 4. DEFINITIONS.

    In this Act:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Financial Services, the 
                Committee on the Judiciary, the Permanent Select 
                Committee on Intelligence, and the Committee on Foreign 
                Affairs of the House of Representatives; and
                    (B) the Committee on Banking, Housing, and Urban 
                Affairs, the Committee on Homeland Security and 
                Governmental Affairs, the Committee on the Judiciary, 
                the Select Committee on Intelligence, and the Committee 
                on Foreign Relations of the Senate.
            (2) Appropriate federal banking agencies.--The term 
        ``appropriate Federal banking agencies'' has the meaning given 
        the term in section 3 of the Federal Deposit Insurance Act (12 
        U.S.C. 1813).
            (3) Virtual currency.--The term ``virtual currency'' means 
        a currency that--
                    (A) is a digital representation of value that can 
                be digitally traded;
                    (B) is used as a medium of exchange, unit of 
                account, or store, of value; and
                    (C) is not used to be a legal tender, whether or 
                not denominated in legal tender.
            (4) Federal functional regulator.--The term ``Federal 
        functional regulator'' has the meaning given that term in 
        section 509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6809).
            (5) Foreign terrorist organization.--The term ``foreign 
        terrorist organization'' means an organization that is 
        designated as a foreign terrorist organization under section 
        219 of the Immigration and Nationality Act (8 U.S.C. 1189).
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