Illicit Finance Improvements Act

Illicit Finance Improvements Act

This bill establishes procedures, sets forth penalties, and allows for injunctive relief related to a determination that a financial institution or type of account is of primary money laundering concern in connection with Russian illicit finance.

The bill also revises the permitted meeting subjects of Treasury's supervisory team on cooperation between the public and private sectors for purposes of countering illicit finance to include advising on strategies to counter sanctions evasion.

Bill 117 hr 6343, also known as the Illicit Finance Improvements Act, is a piece of legislation introduced in the US Congress aimed at combating illicit financial activities. The bill seeks to enhance the government's ability to track and prevent money laundering, terrorist financing, and other forms of financial crime.

Key provisions of the Illicit Finance Improvements Act include:

1. Strengthening coordination between law enforcement agencies and financial institutions to better detect and report suspicious financial transactions. 2. Enhancing the use of technology and data analytics to identify patterns of illicit financial activity. 3. Improving information sharing between government agencies and international partners to combat cross-border financial crimes. 4. Increasing penalties for individuals and entities found guilty of engaging in illicit financial activities. 5. Providing additional resources and training for law enforcement agencies to effectively investigate and prosecute financial crimes. Overall, the Illicit Finance Improvements Act aims to bolster the government's efforts to combat illicit financial activities and protect the integrity of the US financial system. The bill has received bipartisan support in Congress and is currently under consideration for passage.