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119-hr-6829119th CongressWALLET

International Financial Access Improvements Act

Sponsored By: Representative Waters, Maxine [D-CA-43]

Introduced

Summary

Stronger U.S. reporting and coordinated exams to fight narcotics-related money laundering. This bill would expand what the State Department reports about country progress under the Foreign Assistance Act, centralize Treasury coordination into a dedicated money-laundering volume, and require a 180-day plan to make Bank Secrecy Act (BSA) exams more consistent across federal banking agencies.

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  • Countries named in the Foreign Assistance Act would get more specific examples of improvements, such as adopting laws and regulations, tougher enforcement like penalties and prosecutions, asset seizures, changes in international evaluation status, prevention efforts, and bilateral or multilateral initiatives.
  • The President would have to consult the Secretary of the Treasury on money-laundering sections and include all related material in a separate report volume sent to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs.
  • The Secretary of the Treasury would consult federal banking agencies, the Financial Institutions Examination Council, and the Bank Secrecy Act Advisory Group and then submit, within 180 days, a report describing steps to build more consistent BSA exams across those agencies.
  • The bill would also define key terms, including what counts as the Bank Secrecy Act and the meaning of a federal banking agency, to guide reporting and exam coordination.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

Make Bank Secrecy Act exams consistent

If enacted, the bill would require the Secretary of the Treasury, within 180 days after enactment, to consult with Federal banking agencies, the Financial Institutions Examination Council, and the Bank Secrecy Act Advisory Group on how to build more consistent Bank Secrecy Act exams across agencies. The Secretary would then submit a report to the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee describing steps being taken. The bill would also define "Bank Secrecy Act" to include 12 U.S.C. 1829b; 12 U.S.C. 1951 et seq.; and subchapter II of chapter 53 of title 31, U.S.C., and would define "Federal banking agency" by reference to section 3(q) of the Federal Deposit Insurance Act.

More country reporting on drug money

If enacted, the bill would require each country entry in the annual report to include, when information is available, examples of improvements against narcotics-related money laundering tied to existing findings. Examples must cover actions after new laws or regulations, stronger enforcement (like penalties, prosecutions, convictions, asset seizures and forfeitures), changes in international financial-crime evaluations, prevention efforts, and relevant bilateral, multilateral, or regional initiatives. The President would have to consult the Secretary of the Treasury on the money-laundering parts. The money-laundering items would be collected into a separate report volume and sent to the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee. This requirement would start upon enactment.

Sponsors & CoSponsors

Sponsor

Waters, Maxine [D-CA-43]

CA • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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