Financial Access Improvements Act

Bill: 118-hr-5523
Sponsor: full_name: Rep. Waters, Maxine [D-CA-43]
Introduced: 2023-09-18
Policy area: International Affairs
Subjects: Banking and financial institutions regulation

Congressional oversight

Drug trafficking and controlled substances

Foreign and international banking

Fraud offenses and financial crimes
Latest action: action_date: 2024-12-05
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-805, Part I.

Summaries:
action_date: 2023-09-18
action_desc: Introduced in House
text: <p><strong>Financial Access Improvements Act </strong></p><p>This bill adds a requirement to the President's annual international narcotics control strategy report, which currently includes information on adoption of law and regulations to prevent narcotics-related money laundering in countries determined to be major money laundering countries. The additional requirement is to provide examples of improvement in each country in preventing narcotics-related money laundering, where such information is available.</p><p>The President shall also consult with the Department of the Treasury on parts of the report related to money laundering and provide each country identified as a major money laundering country an opportunity to provide comments on the draft report.</p><p>The bill also requires Treasury to consult with Federal banking agencies, the Financial Institutions Examination Council, and the Bank Secrecy Act Advisory Group and report to Congress on how to build more consistent Bank Secrecy Act exams across those agencies.</p><!--tinycomments|2.1|data:application/json;base64,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-->

tv_txt: I 118th CONGRESS 1st Session H. R. 5523 IN THE HOUSE OF REPRESENTATIVES September 18, 2023 Ms. Waters introduced the following bill; which was referred to the Committee on Foreign Affairs , and in addition to the Committee on Financial Services , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To amend the Foreign Assistance Act of 1961 to include information in the International Narcotics Control Strategy Report on improvements by countries in combating narcotics-related money laundering, to require a report on the consistency of Bank Secrecy Act examinations, and for other purposes.

1. Short title This Act may be cited as the Financial Access Improvements Act . 2. Improvements by countries in combating narcotics-related money laundering (a) In general Section 489 of the Foreign Assistance Act of 1961 ( 22 U.S.C. 2291h ) is amended— (1) in subsection (a)(7)— (A) in the matter before subparagraph (A), by striking paragraph (3)(D) and inserting paragraph (3)(C) ; and (B) by inserting after subparagraph (C) the following: (D) Where the information is available, examples of improvements in each country related to the findings described in each of clauses (i) through (viii) of subparagraph (C), such as— (i) actions taken by the country due to each country’s adoption of law and regulations considered essential to prevent narcotics-related money laundering; (ii) enhanced enforcement actions taken by the country, such as regulatory penalties, criminal prosecutions and convictions, and asset seizures and forfeitures; (iii) status changes in international financial crime-related evaluations; (iv) other descriptions that are representative of efforts to enhance the prevention of narcotics-related money laundering; and (v) if applicable, bilateral, multilateral, and regional initiatives which have been undertaken to prevent narcotics-related money laundering. . (b) Additional requirements for money laundering issues In making each report required under section 489(a) of the Foreign Assistance Act of 1961 as amended by subsection (a), the President shall— (1) consult with the Secretary of the Treasury on any parts of the report relating to money laundering; (2) provide each country identified pursuant to subsection (a)(3)(C) with an opportunity to provide comments on any parts of the draft report relating to money laundering in such country and, where appropriate, include such comments in the final report; and (3) prepare a separate volume of the report containing all items relating to money laundering, and submit a copy of such separate volume to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. 3. Report on consistency of BSA examinations (a) In general The Secretary of the Treasury shall, not later than 180 days after the date of the enactment of this section— (1) consult with the Federal banking agencies, the Financial Institutions Examination Council, and the Bank Secrecy Act Advisory Group to determine how to build more consistent Bank Secrecy Act exams across such agencies; and (2) submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, a report that describes steps the Secretary of the Treasury is taking to build more consistent Bank Secrecy Act exams across such agencies based on the consultation required under paragraph (1). (b) Federal banking agency The term Federal banking agency has the meaning given the term in section 3(q) of the Federal Deposit Insurance Act.