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Preventing Illicit Finance Through Partnership Act of 2024

USA118th CongressS-3603| Senate 
| Updated: 1/17/2024
Bill Hagerty

Bill Hagerty

Republican Senator

Tennessee

Cosponsors (1)
Cynthia M. Lummis (Republican)

Judiciary Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Preventing Illicit Finance Through Partnership Act of 2024 This bill establishes a pilot program to facilitate information sharing between federal entities and private sector entities regarding illicit finance (i.e., financial transactions involving the proceeds of unlawful activity as specified by the bill). Specifically, the Department of Justice (DOJ) must establish a pilot program for information sharing between the private sector and the DOJ, the Financial Crimes Enforcement Network (FinCEN), and the Department of Homeland Security (DHS) about potential violations, threats, and risks regarding illicit finance. The DOJ, in consultation with FinCEN and DHS, must designate private sector entities in the money service business and in the crypto asset industry to participate in the pilot program. Additionally, one or more information sharing and analysis centers may also be selected to participate in the pilot program. Participation in the pilot program is voluntary. The bill limits the liability of designated private sector entities in the context of sharing or disclosing information under this bill.
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Timeline
Jan 17, 2024
Introduced in Senate
Jan 17, 2024
Read twice and referred to the Committee on the Judiciary.
  • January 17, 2024
    Introduced in Senate


  • January 17, 2024
    Read twice and referred to the Committee on the Judiciary.

Finance and Financial Sector

Preventing Illicit Finance Through Partnership Act of 2024

USA118th CongressS-3603| Senate 
| Updated: 1/17/2024
Preventing Illicit Finance Through Partnership Act of 2024 This bill establishes a pilot program to facilitate information sharing between federal entities and private sector entities regarding illicit finance (i.e., financial transactions involving the proceeds of unlawful activity as specified by the bill). Specifically, the Department of Justice (DOJ) must establish a pilot program for information sharing between the private sector and the DOJ, the Financial Crimes Enforcement Network (FinCEN), and the Department of Homeland Security (DHS) about potential violations, threats, and risks regarding illicit finance. The DOJ, in consultation with FinCEN and DHS, must designate private sector entities in the money service business and in the crypto asset industry to participate in the pilot program. Additionally, one or more information sharing and analysis centers may also be selected to participate in the pilot program. Participation in the pilot program is voluntary. The bill limits the liability of designated private sector entities in the context of sharing or disclosing information under this bill.
View Full Text

Suggested Questions

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

Timeline
Jan 17, 2024
Introduced in Senate
Jan 17, 2024
Read twice and referred to the Committee on the Judiciary.
  • January 17, 2024
    Introduced in Senate


  • January 17, 2024
    Read twice and referred to the Committee on the Judiciary.
Bill Hagerty

Bill Hagerty

Republican Senator

Tennessee

Cosponsors (1)
Cynthia M. Lummis (Republican)

Judiciary Committee

Finance and Financial Sector

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