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Bill114th CongressFiled Jun 28, 2016Finance and Financial Sector
H.R. 5602

To amend title 31, United States Code, to authorize the Secretary of the Treasury to include all funds when issuing certain geographic targeting orders, and for other purposes.

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What it doesSummary passed senate amended (Dec 10, 2016)

TITLE I--ENHANCING ANTITERRORISM TOOLS OF THE DEPARTMENT OF THE TREASURY

(Sec. 101) This bill revises the authority of the Department of the Treasury to issue an order imposing recordkeeping and reporting requirements upon financial institutions and nonfinancial trade or business groups in certain geographic areas regarding transactions for the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may describe in an order).

A Treasury order for recordkeeping and reporting may include all funds (not just U.S. coins or currency) involved in such transactions.

(Sec. 102) To improve the tracking of cross-border fund transfers and identify forms of terrorist financing, Treasury must report on: (1) the efficacy of requiring banking regulators to establish a pilot program to provide technical assistance to depository institutions and credit unions that wish to provide account services to money services businesses serving individuals in Somalia; (2) whether the pilot program could improve the ability of U.S. persons to make legitimate funds transfers through transparent monitored channels while complying with the Bank Secrecy Act and controls aimed at stopping money laundering and the financing of terrorism; and (3) information sharing mechanisms for depository institutions and credit unions to understand whether an individual money services business is meeting its obligations to combat illicit finance.

(Sec. 103) The bill expresses the sense of Congress that the Under Secretary for Terrorism and Financial Crimes should help foreign partners integrate intelligence analytic capacities with anti-money laundering and counter-terrorist financing regimes.

(Sec. 104) Treasury must report on the role of its financial attaches and technical advisors at U.S. embassies and their resources to assist in countering terrorist financing and money laundering.

TITLE II--NATIONAL STRATEGY FOR COMBATING TERRORIST AND OTHER ILLICIT FINANCING

(Sec. 201) Treasury must develop a national strategy with priorities to combat terrorist financing and prevent illicit finance activities within and transiting the U.S. financial system. The strategy must: (1) identify the most significant threats, (2) coordinate enforcement efforts at all levels of government and with international partners, and (3) describe efforts to ensure that data collected by the federal government is available in a timely fashion to agencies and appropriate financial institutions and that agencies make use of publicly available data.

What just happenedDec 12, 2016

Message on Senate action sent to the House.

Who’s behind it

Rep. Lynch, Stephen F. [D-MA-8](D-MA)Sponsor
13 cosponsors6 D7 R
Read on Congress.gov
13cosponsors2committees24actions1amendments1related bills4subjects
  1. Dec 12, 2016Floor

    Message on Senate action sent to the House.

  2. Dec 10, 2016Floor

    Passed Senate with an amendment by Voice Vote.

  3. Dec 10, 2016Floor17000

    Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.

  4. Dec 10, 2016Floor

    Measure laid before Senate by unanimous consent. (consideration: CR S7103)

  5. Dec 10, 2016Discharge

    Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.

    Banking, Housing, and Urban Affairs Committee
  6. Dec 10, 2016Committee14500

    Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.

    Banking, Housing, and Urban Affairs Committee
  7. Dec 5, 2016Floor

    Senate vitiated previous discharge from the Senate Committee on Banking, Housing, and Urban Affairs.

  8. Dec 5, 2016Floor

    Senate vitiated previous passage. (consideration: CR S6688, S6716)

  9. Dec 5, 2016Floor

    Passed Senate with an amendment by Voice Vote.

  10. Dec 5, 2016Floor17000

    Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.

  11. Dec 5, 2016Floor

    Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.

  12. Dec 5, 2016Floor

    Measure laid before Senate by unanimous consent. (consideration: CR S6683-6684)

  13. Jul 12, 2016IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  14. Jul 11, 2016FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  15. Jul 11, 2016FloorH37300

    On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 356 - 47 (Roll no. 401). (text: CR H4590)

  16. Jul 11, 2016Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 356 - 47 (Roll no. 401).(text: CR H4590)

  17. Jul 11, 2016FloorH30000

    Considered as unfinished business. (consideration: CR H4622-4623)

  18. Jul 11, 2016FloorH37220

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

  19. Jul 11, 2016FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 5602.

  20. Jul 11, 2016FloorH30000

    Considered under suspension of the rules. (consideration: CR H4590-4591)

  21. Jul 11, 2016FloorH30300

    Mr. Fitzpatrick moved to suspend the rules and pass the bill.

  22. Jun 28, 2016IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  23. Jun 28, 2016IntroReferralIntro-H

    Introduced in House

  24. Jun 28, 2016IntroReferral1000

    Introduced in House

Passed Senate amendedDec 10, 201635

TITLE I--ENHANCING ANTITERRORISM TOOLS OF THE DEPARTMENT OF THE TREASURY

(Sec. 101) This bill revises the authority of the Department of the Treasury to issue an order imposing recordkeeping and reporting requirements upon financial institutions and nonfinancial trade or business groups in certain geographic areas regarding transactions for the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may describe in an order).

A Treasury order for recordkeeping and reporting may include all funds (not just U.S. coins or currency) involved in such transactions.

(Sec. 102) To improve the tracking of cross-border fund transfers and identify forms of terrorist financing, Treasury must report on: (1) the efficacy of requiring banking regulators to establish a pilot program to provide technical assistance to depository institutions and credit unions that wish to provide account services to money services businesses serving individuals in Somalia; (2) whether the pilot program could improve the ability of U.S. persons to make legitimate funds transfers through transparent monitored channels while complying with the Bank Secrecy Act and controls aimed at stopping money laundering and the financing of terrorism; and (3) information sharing mechanisms for depository institutions and credit unions to understand whether an individual money services business is meeting its obligations to combat illicit finance.

(Sec. 103) The bill expresses the sense of Congress that the Under Secretary for Terrorism and Financial Crimes should help foreign partners integrate intelligence analytic capacities with anti-money laundering and counter-terrorist financing regimes.

(Sec. 104) Treasury must report on the role of its financial attaches and technical advisors at U.S. embassies and their resources to assist in countering terrorist financing and money laundering.

TITLE II--NATIONAL STRATEGY FOR COMBATING TERRORIST AND OTHER ILLICIT FINANCING

(Sec. 201) Treasury must develop a national strategy with priorities to combat terrorist financing and prevent illicit finance activities within and transiting the U.S. financial system. The strategy must: (1) identify the most significant threats, (2) coordinate enforcement efforts at all levels of government and with international partners, and (3) describe efforts to ensure that data collected by the federal government is available in a timely fashion to agencies and appropriate financial institutions and that agencies make use of publicly available data.

Passed House without amendmentJul 11, 201681

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

(Sec. 1) This bill revises the authority of the Department of the Treasury to issue an order imposing recordkeeping and reporting requirements upon financial institutions and nonfinancial trade or business groups in certain geographic areas regarding transactions for the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may describe in an order).

A Treasury order for recordkeeping and reporting may include all funds (not just U.S. coins or currency) involved in such transactions.

Introduced in HouseJun 28, 2016

This bill revises the authority of the Department of the Treasury to issue an order imposing recordkeeping and reporting requirements upon financial institutions and nonfinancial trade or business groups in certain geographic areas regarding transactions for the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may describe in an order).

A Treasury order for recordkeeping and reporting may include all funds (not just U.S. coins or currency) involved in such transactions.

To amend title 31, United States Code, to authorize the Secretary of the Treasury to inclu… — Informed