Bill 119 HR 147, also known as the "Improving Financial Crimes Enforcement Network Act," aims to enhance the operations of the Financial Crimes Enforcement Network (FinCEN) and address various financial crimes.
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e bill includes provisions to improve the efficiency and effectiveness of FinCEN by requiring the agency to establish a process for prioritizing and addressing high-risk areas, enhancing coordination with other federal agencies, and increasing transparency in its operations. Additionally, the bill seeks to strengthen FinCEN's ability to combat money laundering, terrorist financing, and other financial crimes by providing the agency with additional resources and tools.
Furthermore, the bill includes measures to enhance information sharing and collaboration between FinCEN and other law enforcement agencies, as well as provisions to improve the reporting and analysis of financial intelligence. The bill also includes provisions to enhance the protection of sensitive financial information and strengthen the penalties for individuals and entities that engage in financial crimes.
Overall, Bill 119 HR 147 aims to strengthen FinCEN's ability to combat financial crimes and enhance the overall effectiveness of the agency in protecting the financial system from illicit activities.