To amend title 31, United States Code, to authorize the Secretary of the Treasury to include all funds when issuing certain geographic targeting orders, and for other purposes.

Bill: 114-hr-5602
Sponsor: Rep. Lynch, Stephen F. [D-MA-8]
Introduced: 2016-06-28 in the House
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital
Banking and financial institutions regulation
Business records
Currency

Summary:
action_date: 2016-06-28
text: 
This bill revises the authority of the Department of the Treasury to issue an order imposing recordkeeping and reporting requirements upon financial institutions and nonfinancial trade or business groups in certain geographic areas regarding transactions for the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may describe in an order).
 
A Treasury order for recordkeeping and reporting may include all funds (not just U.S. coins or currency) involved in such transactions. 

action_date: 2016-07-11
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 
(Sec. 1) This bill revises the authority of the Department of the Treasury to issue an order imposing recordkeeping and reporting requirements upon financial institutions and nonfinancial trade or business groups in certain geographic areas regarding transactions for the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may describe in an order).
 
A Treasury order for recordkeeping and reporting may include all funds (not just U.S. coins or currency) involved in such transactions. 

action_date: 2016-12-10
text: 
TITLE I--ENHANCING ANTITERRORISM TOOLS OF THE DEPARTMENT OF THE TREASURY
 
(Sec. 101) This bill revises the authority of the Department of the Treasury to issue an order imposing recordkeeping and reporting requirements upon financial institutions and nonfinancial trade or business groups in certain geographic areas regarding transactions for the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may describe in an order).
 
A Treasury order for recordkeeping and reporting may include all funds (not just U.S. coins or currency) involved in such transactions. 
 
(Sec. 102) To improve the tracking of cross-border fund transfers and identify forms of terrorist financing, Treasury must report on: (1) the efficacy of requiring banking regulators to establish a pilot program to provide technical assistance to depository institutions and credit unions that wish to provide account services to money services businesses serving individuals in Somalia; (2) whether the pilot program could improve the ability of U.S. persons to make legitimate funds transfers through transparent monitored channels while complying with the Bank Secrecy Act and controls aimed at stopping money laundering and the financing of terrorism; and (3) information sharing mechanisms for depository institutions and credit unions to understand whether an individual money services business is meeting its obligations to combat illicit finance.
 
(Sec. 103) The bill expresses the sense of Congress that the Under Secretary for Terrorism and Financial Crimes should help foreign partners integrate intelligence analytic capacities with anti-money laundering and counter-terrorist financing regimes.
 
(Sec. 104) Treasury must report on the role of its financial attaches and technical advisors at U.S. embassies and their resources to assist in countering terrorist financing and money laundering.
 
TITLE II--NATIONAL STRATEGY FOR COMBATING TERRORIST AND OTHER ILLICIT FINANCING
 
(Sec. 201) Treasury must develop a national strategy with priorities to combat terrorist financing and prevent illicit finance activities within and transiting the U.S. financial system. The strategy must: (1) identify the most significant threats, (2) coordinate enforcement efforts at all levels of government and with international partners, and (3) describe efforts to ensure that data collected by the federal government is available in a timely fashion to agencies and appropriate financial institutions and that agencies make use of publicly available data.


Legislative actions:
action_date: 2016-12-12
text: Message on Senate action sent to the House.
action_date: 2016-12-10
text: Passed Senate with an amendment by Voice Vote.
action_date: 2016-12-10
text: Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.
action_date: 2016-12-10
text: Measure laid before Senate by unanimous consent. (consideration: CR S7103)
action_date: 2016-12-10
text: Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
action_date: 2016-12-10
text: Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
action_date: 2016-12-05
text: Senate vitiated previous discharge from the Senate Committee on Banking, Housing, and Urban Affairs.
action_date: 2016-12-05
text: Senate vitiated previous passage. (consideration: CR S6688, S6716)
action_date: 2016-12-05
text: Passed Senate with an amendment by Voice Vote.
action_date: 2016-12-05
text: Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.
action_date: 2016-12-05
text: Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
action_date: 2016-12-05
text: Measure laid before Senate by unanimous consent. (consideration: CR S6683-6684)
action_date: 2016-07-12
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2016-07-11
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2016-07-11
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 356 - 47 (Roll no. 401). (text: CR H4590)
action_date: 2016-07-11
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 356 - 47 (Roll no. 401).(text: CR H4590)
action_date: 2016-07-11
text: Considered as unfinished business. (consideration: CR H4622-4623)
action_date: 2016-07-11
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2016-07-11
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 5602.
action_date: 2016-07-11
text: Considered under suspension of the rules. (consideration: CR H4590-4591)
action_date: 2016-07-11
text: Mr. Fitzpatrick moved to suspend the rules and pass the bill.
action_date: 2016-06-28
text: Referred to the House Committee on Financial Services.
action_date: 2016-06-28
text: Introduced in House
action_date: 2016-06-28
text: Introduced in House