Taylor Force Martyr Payment Prevention Act of 2021

Senate Bill 3318 - Taylor Force Martyr Payment Prevention Act of 2021: Overview, Status, and Impact

Hozzl · 2022-12-30T03:18:55Z

Explore the details of Senate Bill 3318 Taylor Force Martyr Payment Prevention Act of 2021 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/30/2022, 3:18 AM

Congressional Summary of S 3318

Taylor Force Martyr Payment Prevention Act of 2021

This bill expands the institutional factors the Department of the Treasury must consider when making a finding that a foreign financial institution is of primary money laundering concern and is therefore subject to special measures, including the prohibition of opening or maintaining correspondent accounts in U.S financial institutions. Specifically, Treasury must consider (1) the extent to which an institution knowingly provides financial services to Hamas, or to an agent of Hamas; and (2) the extent to which an institution, transaction, or type of account is used to facilitate or promote payments for certain acts of terrorism against U.S. and Israeli citizens.

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Current Status of Bill S 3318

Bill S 3318 is currently in the status of Bill Introduced since December 6, 2021. Bill S 3318 was introduced during Congress 117 and was introduced to the Senate on December 6, 2021. Bill S 3318's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of December 6, 2021

Bipartisan Support of Bill S 3318

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3318

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 3318

Taylor Force Martyr Payment Prevention Act of 2021

A bill to deter foreign financial institutions from providing banking services for the benefit of foreign terrorist organizations and from facilitating or promoting payments for acts of terrorism.