A bill to prevent Foreign Terrorist Organizations and their financial enablers, whether in currency or digital assets, from accessing financial and other institutions of the United States, and for other purposes.
Terrorist Financing Prevention Act of 2023
This bill requires specified sanctions on foreign entities that facilitate financial transactions tied to foreign terrorist organizations.
The bill requires the Department of the Treasury to identify any foreign financial institution or foreign digital asset transaction facilitator that (1) has knowingly facilitated a significant financial transaction with a foreign terrorist organization or related person, or (2) has engaged in money laundering to carry out such a transaction.
The President must prohibit, or place restrictions on, opening or maintaining a U.S. correspondent or payable-through account by such an institution. Further, the President must prohibit any transactions between any person subject to the jurisdiction of the United States and a foreign digital asset transaction facilitator identified by Treasury under this bill.
The bill allows Treasury to prohibit or restrict certain fund transmittals if a foreign jurisdiction, institution, account, or transaction is of primary money laundering concern.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee on Banking, Housing, and Urban Affairs. Hearings held.
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