[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3100 Introduced in House (IH)]

<DOC>






115th CONGRESS
  1st Session
                                H. R. 3100

 To require the President to develop a national strategy for combating 
 the financing of terrorism and related forms of illicit finance, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 28, 2017

   Ms. Sinema (for herself, Mr. Budd, Mr. Jeffries, Mr. Stivers, Mr. 
 Lynch, Mr. Kildee, Mr. Ross, Mr. Messer, Mr. Austin Scott of Georgia, 
Mr. Sherman, Mr. Delaney, and Mr. Gottheimer) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To require the President to develop a national strategy for combating 
 the financing of terrorism and related forms of illicit finance, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. DEVELOPMENT OF NATIONAL STRATEGY.

    (a) In General.--The President, acting through the Secretary, 
shall, in consultation with the Attorney General, the Secretary of 
State, the Secretary of Homeland Security, the Director of National 
Intelligence, and the appropriate Federal banking agencies and Federal 
functional regulators, develop a national strategy for combating the 
financing of terrorism and related forms of illicit finance.
    (b) Transmittal to Congress.--
            (1) In general.--Not later than one year after the date of 
        the enactment of this Act, the President shall submit to the 
        appropriate congressional committees a comprehensive national 
        strategy developed in accordance with subsection (a).
            (2) Updates.--Not later than January 31, 2020, and January 
        31, 2022, the President shall submit to the appropriate 
        congressional committees updated versions of the national 
        strategy submitted under paragraph (1).
    (c) Separate Presentation of Classified Material.--Any part of the 
national strategy that involves information that is properly classified 
under criteria established by the President shall be submitted to 
Congress separately in a classified annex and, if requested by the 
chairman or ranking member of one of the appropriate congressional 
committees, as a briefing at an appropriate level of security.

SEC. 2. CONTENTS OF NATIONAL STRATEGY.

    The strategy described in section 1 shall contain the following:
            (1) Evaluation of existing efforts.--An assessment of the 
        effectiveness of and ways in which the United States is 
        currently addressing the highest levels of risk of various 
        forms of illicit finance, including those identified in the 
        documents entitled ``2015 National Money Laundering Risk 
        Assessment'' and ``2015 National Terrorist Financing Risk 
        Assessment'', published by the Department of the Treasury and a 
        description of how the strategy is integrated into, and 
        supports, the broader counter terrorism strategy of the United 
        States.
            (2) Goals, objectives, and priorities.--A comprehensive, 
        research-based, long-range, quantifiable discussion of goals, 
        objectives, and priorities for disrupting and preventing 
        illicit finance activities within and transiting the financial 
        system of the United States that outlines priorities to reduce 
        the incidence, dollar value, and effects of illicit finance.
            (3) Threats.--An identification of the most significant 
        illicit finance threats to the financial system of the United 
        States.
            (4) Reviews and proposed changes.--Reviews of enforcement 
        efforts, relevant regulations and relevant provisions of law 
        and, if appropriate, discussions of proposed changes determined 
        to be appropriate to ensure that the United States pursues 
        coordinated and effective efforts at all levels of government, 
        and with international partners of the United States, in the 
        fight against illicit finance.
            (5) Detection and prosecution initiatives.--A description 
        of efforts to improve, as necessary, detection and prosecution 
        of illicit finance, including efforts to ensure that--
                    (A) subject to legal restrictions, all appropriate 
                data collected by the Federal Government that is 
                relevant to the efforts described in this section be 
                available in a timely fashion to--
                            (i) all appropriate Federal departments and 
                        agencies; and
                            (ii) as appropriate and consistent with 
                        section 314 of the International Money 
                        Laundering Abatement and Financial Anti-
                        Terrorism Act of 2001 (31 U.S.C. 5311 note), to 
                        financial institutions to assist the financial 
                        institutions in efforts to comply with laws 
                        aimed at curbing illicit finance; and
                    (B) appropriate efforts are undertaken to ensure 
                that Federal departments and agencies charged with 
                reducing and preventing illicit finance make thorough 
                use of publicly available data in furtherance of this 
                effort.
            (6) The role of the private financial sector in prevention 
        of illicit finance.--A discussion of ways to enhance 
        partnerships between the private financial sector and Federal 
        departments and agencies with regard to the prevention and 
        detection of illicit finance, including--
                    (A) efforts to facilitate compliance with laws 
                aimed at stopping such illicit finance while 
                maintaining the effectiveness of such efforts; and
                    (B) providing guidance to strengthen internal 
                controls and to adopt on an industry-wide basis more 
                effective policies.
            (7) Enhancement of intergovernmental cooperation.--A 
        discussion of ways to combat illicit finance by enhancing--
                    (A) cooperative efforts between and among Federal, 
                State, and local officials, including State regulators, 
                State and local prosecutors, and other law enforcement 
                officials; and
                    (B) cooperative efforts with and between 
                governments of countries and with and between 
                multinational institutions with expertise in fighting 
                illicit finance, including the Financial Action Task 
                Force and the Egmont Group of Financial Intelligence 
                Units.
            (8) Trend analysis of emerging illicit finance threats.--A 
        discussion of and data regarding trends in illicit finance, 
        including evolving forms of value transfer such as so-called 
        cryptocurrencies, other methods that are computer, 
        telecommunications, or Internet-based, cyber crime, or any 
        other threats that the Secretary may choose to identify.
            (9) Budget priorities.--A multiyear budget plan that 
        identifies sufficient resources needed to successfully execute 
        the full range of missions called for in this section.
            (10) Technology enhancements.--An analysis of current and 
        developing ways to leverage technology to improve the 
        effectiveness of efforts to stop the financing of terrorism and 
        other forms of illicit finance, including better integration of 
        open-source data.

SEC. 3. DEFINITIONS.

    In this Act--
            (1) the term ``appropriate congressional committees'' 
        means--
                    (A) the Committee on Financial Services, the 
                Committee on Foreign Affairs, the Committee on Armed 
                Services, the Committee on the Judiciary, Committee on 
                Homeland Security, and the Permanent Select Committee 
                on Intelligence of the House of Representatives; and
                    (B) the Committee on Banking, Housing, and Urban 
                Affairs, the Committee on Foreign Relations, Committee 
                on Armed Services, Committee on the Judiciary, 
                Committee on Homeland Security and Governmental 
                Affairs, and the Select Committee on Intelligence of 
                the Senate;
            (2) the term ``appropriate Federal banking agencies'' has 
        the meaning given the term in section 3 of the Federal Deposit 
        Insurance Act (12 U.S.C. 1813);
            (3) the term ``Federal functional regulator'' has the 
        meaning given that term in section 509 of the Gramm-Leach-
        Bliley Act (15 U.S.C. 6809);
            (4) the term ``illicit finance'' means the financing of 
        terrorism, money laundering, or other forms of illicit 
        financing domestically or internationally, as defined by the 
        President;
            (5) the term ``Secretary'' means the Secretary of the 
        Treasury; and
            (6) the term ``State'' means each of the several States, 
        the District of Columbia, and each territory or possession of 
        the United States.
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