FinCEN Improvement Act of 2018

Bill: 115-hr-6411
Sponsor: full_name: Rep. Perlmutter, Ed [D-CO-7]
Introduced: 2018-07-17
Policy area: Finance and Financial Sector
Subjects: Crime prevention

Criminal investigation, prosecution, interrogation

Currency

Digital media

Federal-Indian relations

Fraud offenses and financial crimes

Law enforcement administration and funding

Terrorism
Latest action: action_date: 2018-09-17
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2018-07-17
action_desc: Introduced in House
text: <p><b>FinCEN Improvement Act of 2018</b></p> <p>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.</p>

action_date: 2018-09-12
action_desc: Passed House without amendment
text: <p><b>FinCEN Improvement Act of 2018</b></p> <p>(Sec. 3) 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.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6411 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.

1. Short title This Act may be cited as the FinCEN Improvement Act of 2018 . 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. 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 .

tv_txt: I 115th CONGRESS 2d Session H. R. 6411 IN THE HOUSE OF REPRESENTATIVES AN ACT 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.

1. Short title This Act may be cited as the FinCEN Improvement Act of 2018 . 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. 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 .

Passed the House of Representatives September 12, 2018. Karen L. Haas, Clerk.

tv_txt: IIB 115th CONGRESS 2d Session H. R. 6411 IN THE SENATE OF THE UNITED STATES September 17, 2018 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT 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.

1. Short title This Act may be cited as the FinCEN Improvement Act of 2018 . 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. 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 .

Passed the House of Representatives September 12, 2018. Karen L. Haas, Clerk.