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Countering Atrocities through Currency Accountability Act of 2022

USA117th CongressHR-8001| House 
| Updated: 6/9/2022
Ken Buck

Ken Buck

Republican Representative

Colorado

Cosponsors (13)
Yvette Herrell (Republican)Tim Burchett (Republican)Ritchie Torres (Democratic)Jim Banks (Republican)Lance Gooden (Republican)Billy Long (Republican)Gus M. Bilirakis (Republican)Joe Wilson (Republican)W. Gregory Steube (Republican)Madison Cawthorn (Republican)Kevin Hern (Republican)Ben Cline (Republican)Russ Fulcher (Republican)

Foreign Affairs Committee, Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Countering Atrocities through Currency Accountability Act of 2022 This bill requires financial institutions and agencies to take specified special measures regarding foreign financial activity if the Department of the Treasury concludes that the measures are necessary to address human rights violations. These measures are applied upon a finding that a jurisdiction (or a financial institution, transaction, or type of account involving a jurisdiction) is of primary humanitarian concern. The measures include additional recordkeeping and reporting of transactions, beneficial ownership information, and information relating to payable-through accounts and correspondent accounts. If Treasury finds a payable-through or correspondent account involves foreign human rights violations, then Treasury is allowed to prohibit or impose conditions on that account. The bill establishes additional due diligence requirements for financial institutions managing a bank account or a correspondent account of a foreign person. Finally, Treasury must determine if the Xinjiang Uyghur Autonomous Region in China qualifies as a jurisdiction subject to the additional measures established by the bill.
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Timeline
Jun 9, 2022
Introduced in House
Jun 9, 2022
Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, 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.
  • June 9, 2022
    Introduced in House


  • June 9, 2022
    Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, 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.

Finance and Financial Sector

Countering Atrocities through Currency Accountability Act of 2022

USA117th CongressHR-8001| House 
| Updated: 6/9/2022
Countering Atrocities through Currency Accountability Act of 2022 This bill requires financial institutions and agencies to take specified special measures regarding foreign financial activity if the Department of the Treasury concludes that the measures are necessary to address human rights violations. These measures are applied upon a finding that a jurisdiction (or a financial institution, transaction, or type of account involving a jurisdiction) is of primary humanitarian concern. The measures include additional recordkeeping and reporting of transactions, beneficial ownership information, and information relating to payable-through accounts and correspondent accounts. If Treasury finds a payable-through or correspondent account involves foreign human rights violations, then Treasury is allowed to prohibit or impose conditions on that account. The bill establishes additional due diligence requirements for financial institutions managing a bank account or a correspondent account of a foreign person. Finally, Treasury must determine if the Xinjiang Uyghur Autonomous Region in China qualifies as a jurisdiction subject to the additional measures established by the bill.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jun 9, 2022
Introduced in House
Jun 9, 2022
Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, 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.
  • June 9, 2022
    Introduced in House


  • June 9, 2022
    Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, 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.
Ken Buck

Ken Buck

Republican Representative

Colorado

Cosponsors (13)
Yvette Herrell (Republican)Tim Burchett (Republican)Ritchie Torres (Democratic)Jim Banks (Republican)Lance Gooden (Republican)Billy Long (Republican)Gus M. Bilirakis (Republican)Joe Wilson (Republican)W. Gregory Steube (Republican)Madison Cawthorn (Republican)Kevin Hern (Republican)Ben Cline (Republican)Russ Fulcher (Republican)

Foreign Affairs Committee, Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted