Union Calendar No. 402
118th CONGRESS 2d Session |
[Report No. 118–485]
To establish an Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing, and for other purposes.
April 27, 2023
Mr. Nunn of Iowa (for himself and Mr. Himes) introduced the following bill; which was referred to the Committee on Financial Services
May 6, 2024
Additional sponsors: Mr. Davidson, Mr. Lawler, and Mr. Timmons
May 6, 2024
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
[For text of introduced bill, see copy of bill as introduced on April 27, 2023]
To establish an Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SEC. 2. Independent financial technology working group to combat terrorism and illicit financing.
(a) Establishment.—There is established the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing (in this section referred to as the “Working Group”), which shall consist of the following:
(1) The Secretary of the Treasury, acting through the Under Secretary for Terrorism and Financial Intelligence, who shall serve as the chair of the Working Group.
(b) Duties.—The Working Group shall—
(c) Reports.—
(1) IN GENERAL.—Not later than one year after the date of the enactment of this Act, and annually for the 3 years thereafter, the Working Group shall submit to the Secretary of the Treasury, the heads of each agency represented in the Working Group pursuant to subsection (a)(2), and the appropriate congressional committees a report containing the findings and determinations made by the Working Group in the previous year and any legislative and regulatory proposals developed by the Working Group.
(d) Travel expenses.—Members of the Working Group shall serve without pay, but shall receive travel expenses in accordance with sections 5702 and 5703 of title 5, United States Code.
(e) Sunset.—
(1) IN GENERAL.—The Working Group shall, subject to paragraph (3), terminate on the date that is 4 years after the date of the enactment of this Act.
(2) EXPIRATION AND RETURN OF APPROPRIATED FUNDS.—On the date on which the Working Group terminates under paragraph (1)—
(3) AUTHORITY TO WIND UP ACTIVITIES.—The termination of the Working Group under paragraph (1) and the expiration of authorities under paragraph (2) shall not affect any investigations, research, or other activities of the Working Group ongoing as of the date on which the Working Group terminates under paragraph (1). Such investigations, research, and activities may continue until their completion.
SEC. 3. Preventing rogue and foreign actors from evading sanctions.
(a) Report and strategy with respect to digital assets and other related emerging technologies.—
(1) IN GENERAL.—Not later than 180 days after the date of the enactment of this Act, the President, acting through the Secretary of the Treasury and in consultation with the head of each agency represented on the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing pursuant to section 2(a)(2), shall submit to the appropriate congressional committees a report that describes—
(A) the potential uses of digital assets and other related emerging technologies by States, non-State actors, foreign terrorist organizations, and other terrorist groups to evade sanctions, finance terrorism, or launder monetary instruments, and threaten the national security of the United States; and
(2) FORM OF REPORT; PUBLIC AVAILABILITY.—
(A) IN GENERAL.—The report required by paragraph (1) shall be submitted in unclassified form, but may include a classified annex.
(3) SOURCES OF INFORMATION.—In preparing the reports required by paragraph (1), the President may utilize any credible publication, database, or web-based resource, and any credible information compiled by any government agency, nongovernmental organization, or other entity that is made available to the President.
In this Act:
(1) APPROPRIATE CONGRESSIONAL COMMITTEES.—The term “appropriate congressional committees” means—
(2) BLOCKCHAIN INTELLIGENCE COMPANY.—The term “blockchain intelligence company” means any business providing software, research, or other services (such as blockchain tracing tools, geofencing, transaction screening, the collection of business data, and sanctions screening) that—
(3) DIGITAL ASSET.—The term “digital asset” means any digital representation of value that is recorded on a cryptographically secured digital ledger or any similar technology.
(4) FOREIGN TERRORIST ORGANIZATION.—The term “foreign terrorist organization” means an organization that is designated as a foreign terrorist organization under section 219 of the Immigration and Nationality Act (8 U.S.C. 1189).
(5) ILLICIT USE.—The term “illicit use” includes fraud, darknet marketplace transactions, money laundering, the purchase and sale of illicit goods, sanctions evasion, theft of funds, funding of illegal activities, transactions related to child sexual abuse material, and any other financial transaction involving the proceeds of specified unlawful activity (as defined in section 1956(c) of title 18, United States Code).
Union Calendar No. 402 | |||||
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[Report No. 118–485] | |||||
A BILL | |||||
To establish an Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing, and for other purposes. | |||||
May 6, 2024 | |||||
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed |