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.
Financial Access Improvements Act
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.
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.
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.
Introduced in House
Introduced in House
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.
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.
Committee Consideration and Mark-up Session Held
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-805, Part I.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-805, Part I.
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