Preventing Illicit Finance Act

Bill: 116-hr-8794
Sponsor: full_name: Rep. Axne, Cynthia [D-IA-3]
Introduced: 2020-11-20
Policy area: Finance and Financial Sector
Subjects: Advisory bodies

Fraud offenses and financial crimes

Public-private cooperation
Latest action: action_date: 2020-11-20
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-11-20
action_desc: Introduced in House
text: <p><b>Preventing Illicit Finance Act </b></p> <p>This bill directs the Department of the Treasury to convene an advisory team to examine strategies to increase cooperation between public and private sectors for purposes of countering illicit finance, and to advise on strategies to combat the risk relating to proliferation financing. The advisory team must include relevant federal agencies, private sector experts in banking, national security, and law enforcement, and other stakeholders. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8794 IN THE HOUSE OF REPRESENTATIVES November 20, 2020 Mrs. Axne (for herself and Mr. Steil ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Secretary of the Treasury to establish an advisory team to examine strategies to increase cooperation between the public and private sectors for purposes of countering illicit finance, including proliferation finance and sanctions evasion, and for other purposes.

1. Short title This Act may be cited as the Preventing Illicit Finance Act . 2. Encouraging information sharing and public-private partnerships (a) In general The Secretary of the Treasury shall convene an advisory team of relevant Federal agencies, private sector experts in banking, national security, and law enforcement, and other stakeholders to— (1) examine strategies to increase cooperation between the public and private sectors for purposes of countering illicit finance, including proliferation finance and sanctions evasion; and (2) advise on strategies to combat the risk relating to proliferation financing. (b) Meetings The advisory team shall meet periodically, including at the request of the Secretary of the Treasury. (c) Federal Advisory Committee Act The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply to the advisory team or to the activities of the advisory team.