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.
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Timeline
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.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.
Committee Consideration and Mark-up Session Held
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-805, Part I.
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.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.
Committee Consideration and Mark-up Session Held
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-805, Part I.
International Affairs
Banking and financial institutions regulationCongressional oversightDrug trafficking and controlled substancesForeign and international bankingFraud offenses and financial crimes
Financial Access Improvements Act
USA118th CongressHR-5523| House
| Updated: 12/5/2024
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.
Get AI-generated questions to help you understand this bill better
Timeline
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.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.
Committee Consideration and Mark-up Session Held
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-805, Part I.
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.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.
Committee Consideration and Mark-up Session Held
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-805, Part I.
Banking and financial institutions regulationCongressional oversightDrug trafficking and controlled substancesForeign and international bankingFraud offenses and financial crimes