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Countering Atrocities through Currency Accountability Act of 2022
12/29/2022, 5:18 PM
Summary of Bill HR 8001
The bill aims to achieve this by requiring the Secretary of the Treasury to identify and report on foreign persons and entities that are involved in or support atrocities, such as genocide, war crimes, and crimes against humanity. These individuals and entities would then be subject to sanctions, including asset freezes and travel bans.
Additionally, the bill seeks to enhance transparency and accountability in the global financial system by requiring the Secretary of the Treasury to work with international partners to develop and implement measures to prevent the use of financial systems for illicit activities related to atrocities. Overall, the Countering Atrocities through Currency Accountability Act of 2022 is a bipartisan effort to hold perpetrators of atrocities accountable and prevent them from using financial resources to fund their heinous actions.
Congressional Summary of HR 8001
Countering Atrocities through Currency Accountability Act of 2022
This bill requires financial institutions and agencies to take specified special measures regarding foreign financial activity if the Department of the Treasury concludes that the measures are necessary to address human rights violations. These measures are applied upon a finding that a jurisdiction (or a financial institution, transaction, or type of account involving a jurisdiction) is of primary humanitarian concern.
The measures include additional recordkeeping and reporting of transactions, beneficial ownership information, and information relating to payable-through accounts and correspondent accounts. If Treasury finds a payable-through or correspondent account involves foreign human rights violations, then Treasury is allowed to prohibit or impose conditions on that account.
The bill establishes additional due diligence requirements for financial institutions managing a bank account or a correspondent account of a foreign person.
Finally, Treasury must determine if the Xinjiang Uyghur Autonomous Region in China qualifies as a jurisdiction subject to the additional measures established by the bill.
