Bill 119 hr 2384, also known as the "Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing Act," aims to create a specialized group focused on utilizing financial technology to combat terrorism and illicit financing activities. The bill proposes the establishment of an Independent Financial Technology Working Group, which will be responsible for researching and implementing innovative strategies to address these pressing issues.
The working group will consist of experts in the fields of finance, technology, and national security, who will collaborate to develop and implement cutting-edge solutions to combat terrorism and illicit financing. The bill emphasizes the importance of leveraging financial technology, such as blockchain and artificial intelligence, to enhance the effectiveness of current anti-money laundering and counter-terrorism financing efforts.
Additionally, the working group will be tasked with conducting research, providing recommendations to Congress and relevant government agencies, and promoting public-private partnerships to strengthen the nation's defenses against terrorism and illicit financing. The bill also includes provisions for regular reporting and oversight to ensure transparency and accountability in the group's activities.
Overall, Bill 119 hr 2384 seeks to harness the power of financial technology to bolster national security efforts and protect against the threats posed by terrorism and illicit financing. By establishing an Independent Financial Technology Working Group, this legislation aims to foster collaboration and innovation in the fight against these critical issues.