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FinCEN Improvement Act of 2020

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H. R. 6411

IN THE HOUSE OF REPRESENTATIVES OF THE UNITED STATES

Mr. Alexander, with thanks to Mr. Perlmutter. introduce the following bill,

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 2020.

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 agenciesand 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 insertingFederal, 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.

 

PES: 

H.R. 6411 empowers the Financial Crimes Enforcement Network (FinCEN) and ensures the law enforcement community has the tools and abilities needed to prevent terrorism and illicit finance.

Specifically, H.R. 6411 would update FinCEN’s authorizing statute to direct FinCEN to recognize tribal law enforcement agencies, prioritize protection against all types of terrorism, and ensure a focus on emerging methods of terrorism and illicit finance, including virtual currencies, otherwise known as cryptocurrencies.

FinCEN is a bureau within the U.S. Department of the Treasury. Its mission is to protect the American financial system from money laundering and other illicit uses through the collection, analysis , and dissemination of financial intelligence.

Edited by Dogslife

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On 10/11/2018 at 3:26 PM, Dogslife said:

H. R. 6411

IN THE HOUSE OF REPRESENTATIVES OF THE UNITED STATES

Mr. Alexander, with thanks to Mr. Perlmutter. introduce the following bill,

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 2020.

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 agenciesand 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 insertingFederal, 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.

 

PES: 

H.R. 6411 empowers the Financial Crimes Enforcement Network (FinCEN) and ensures the law enforcement community has the tools and abilities needed to prevent terrorism and illicit finance.

Specifically, H.R. 6411 would update FinCEN’s authorizing statute to direct FinCEN to recognize tribal law enforcement agencies, prioritize protection against all types of terrorism, and ensure a focus on emerging methods of terrorism and illicit finance, including virtual currencies, otherwise known as cryptocurrencies.

FinCEN is a bureau within the U.S. Department of the Treasury. Its mission is to protect the American financial system from money laundering and other illicit uses through the collection, analysis , and dissemination of financial intelligence.

 

PLAYER NAME
Republicans Democrats
NAT EV BUS MR ML SJW PRO GLO
Change +2 +2 0 +2 +2 0 +2 0

 

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