Title: FinCEN Improvement Act of 2018
Policy area: Finance and Financial Sector

Summary:
FinCEN Improvement Act of 2018
This bill amends the duties of the Financial Crimes Enforcement Network (FinCEN). FinCEN must work with tribal law enforcement agencies, protect against terrorism regardless of origin, and coordinate internationally on matters involving emerging technology and virtual currency.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6411 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6411

    To amend the duties of the Financial Crimes Enforcement Network 
 (FinCEN) to ensure FinCEN works with Tribal law enforcement agencies, 
    protects against all forms of terrorism, and focuses on virtual 
                              currencies.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 17, 2018

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

_______________________________________________________________________

                                 A BILL


 
    To amend the duties of the Financial Crimes Enforcement Network 
 (FinCEN) to ensure FinCEN works with Tribal law enforcement agencies, 
    protects against all forms of terrorism, and focuses on virtual 
                              currencies.

    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 ``FinCEN Improvement Act of 2018''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) The mission of the Financial Crimes Enforcement Network 
        (FinCEN) is to safeguard the financial system from illicit use 
        and combat money laundering and promote national security 
        through the collection, analysis, and dissemination of 
        financial intelligence and strategic use of financial 
        authorities.
            (2) In its mission to safeguard the financial system from 
        the abuses of financial crime, including terrorist financing, 
        money laundering and other illicit activity, the United States 
        should prioritize working with partners in Federal, State, 
        local, Tribal, and foreign law enforcement authorities.
            (3) The Federal Bureau of Investigation has stated that 
        since the terror attacks on September 11, 2001, ``The threat 
        landscape has expanded considerably, though it is important to 
        note that the more traditional threat posed by al Qaeda and its 
        affiliates is still present and active. The threat of domestic 
        terrorism also remains persistent overall, with actors crossing 
        the line from First Amendment protected rights to committing 
        crimes to further their political agenda.''.
            (4) Although the use and trading of virtual currencies are 
        legal practices, some terrorists and criminals, including 
        international criminal organizations, seek to exploit 
        vulnerabilities in the global financial system and are 
        increasingly using emerging payment methods such as virtual 
        currencies to move illicit funds.
            (5) In carrying out its mission, FinCEN should prioritize 
        all forms of terrorism and emerging methods of terrorism and 
        illicit finance.

SEC. 3. STRENGTHENING FINCEN.

    Section 310 of title 31, United States Code, is amended--
            (1) in paragraph (C)--
                    (A) in clause (i), by striking ``appropriate 
                Federal, State, local, and foreign law enforcement 
                agencies'' and inserting ``appropriate Federal, State, 
                local, Tribal, and foreign law enforcement agencies''; 
                and
                    (B) in clause (vi), by striking ``to protect 
                against international terrorism'' and inserting ``to 
                protect against terrorism'';
            (2) in paragraph (E), by striking ``appropriate Federal, 
        State, local, and foreign law enforcement authorities'' and 
        inserting ``appropriate Federal, State, local, Tribal, and 
        foreign law enforcement authorities'';
            (3) in paragraph (F), by striking ``Federal, State, local, 
        and foreign law enforcement'' and inserting ``Federal, State, 
        local, Tribal, and foreign law enforcement''; and
            (4) in paragraph (H), by striking ``anti-terrorism and 
        anti-money laundering initiatives, and similar efforts'' and 
        inserting ``anti-terrorism and anti-money laundering 
        initiatives, including matters involving emerging technologies 
        or value that substitutes for currency, and similar efforts''.
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