Illicit Finance Improvements Act

Bill: 117-hr-6343
Sponsor: full_name: Rep. Lynch, Stephen F. [D-MA-8]
Introduced: 2021-12-23
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business records

Civil actions and liability

Europe

Foreign and international banking

Fraud offenses and financial crimes

Freedom of information

Government information and archives

Intelligence activities, surveillance, classified information

Judicial review and appeals

Russia

Sanctions
Latest action: action_date: 2021-12-23
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-12-23
action_desc: Introduced in House
text: <p><strong>Illicit Finance Improvements Act</strong></p> <p>This bill establishes procedures, sets forth penalties, and allows for injunctive relief related to a determination that a financial institution or type of account is of primary money laundering concern in connection with Russian illicit finance. </p> <p>The bill also revises the permitted meeting subjects of Treasury's supervisory team on cooperation between the public and private sectors for purposes of countering illicit finance to include advising on strategies to counter sanctions evasion. </p>

tv_txt: I 117th CONGRESS 1st Session H. R. 6343 IN THE HOUSE OF REPRESENTATIVES December 23, 2021 Mr. Lynch introduced the following bill; which was referred to the Committee on Financial Services A BILL To expand the scope of the meetings of the supervisory team on countering illicit finance, to improve the combating of Russian money laundering, and for other purposes.

1. Short title This Act may be cited as the Illicit Finance Improvements Act . 2. Illicit finance improvements (a) Scope of the meetings of the supervisory team on countering illicit finance Section 6214(b) of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 ( 31 U.S.C. 5311 note) is amended by striking to combat the risk relating to proliferation financing and inserting for the purposes of countering illicit finance, including proliferation finance and sanctions evasion . (b) Combating Russian Money Laundering Section 9714 of the Combating Russian Money Laundering Act ( Public Law 116–283 ) is amended— (1) by redesignating subsections (b) and (c) as subsections (f) and (g), respectively; and (2) by inserting after subsection (a) the following: (b) Classified information In any judicial review of a finding of the existence of a primary money laundering concern, or of the requirement for 1 or more special measures with respect to a primary money laundering concern made under this section, if the designation or imposition, or both, were based on classified information (as defined in section 1(a) of the Classified Information Procedures Act (18 U.S.C. App.)), such information may be submitted by the Secretary to the reviewing court ex parte and in camera. This subsection does not confer or imply any right to judicial review of any finding made or any requirement imposed under this section. (c) Availability of information The exemptions from, and prohibitions on, search and disclosure provided in section 5319 of title 31, United States Code, shall apply to any report or record of report filed pursuant to a requirement imposed under subsection (a) of this section. For purposes of section 552 of title 5, United States Code, this subsection shall be considered a statute described in subsection (b)(3)(B) of that section. (d) Penalties The penalties provided for in sections 5321 and 5322 of title 31, United States Code, that apply to violations of special measures imposed under section 5318A of title 31, United States Code, shall apply to violations of any order, regulation, special measure, or other requirement imposed under subsection (a) of this section, in the same manner and to the same extent as described in sections 5321 and 5322. (e) Injunctions The Secretary of the Treasury may bring a civil action to enjoin a violation of any order, regulation, special measure, or other requirement imposed under subsection (a) of this section in the same manner and to the same extent as described in section 5320 of title 31, United States Code. .