International Financial Access Improvements Act

This bill, known as the "International Financial Access Improvements Act," aims to strengthen the reporting mechanisms for international efforts against narcotics-related money laundering. It amends the Foreign Assistance Act of 1961, specifically requiring the International Narcotics Control Strategy Report to include detailed examples of improvements made by countries. These examples must cover actions such as the adoption of essential laws and regulations, enhanced enforcement actions like prosecutions and asset seizures, and progress in international financial crime evaluations. Furthermore, the legislation mandates that the President consult with the Secretary of the Treasury on all money laundering aspects of the report. A separate volume dedicated entirely to money laundering issues must be prepared and submitted to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs. The bill also directs the Secretary of the Treasury to consult with federal banking agencies and other relevant bodies to determine how to achieve more consistent Bank Secrecy Act examinations, and to report on these efforts to Congress.