Illicit Finance Improvements Act

Hozzl · 2023-03-08T19:58:39Z

Explore the details of House Bill 6343 Illicit Finance Improvements Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

3/8/2023, 7:58 PM

Summary of Bill HR 6343

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.

Congressional Summary of HR 6343

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.

Read the Full Bill

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Current Status of Bill HR 6343

Bill HR 6343 is currently in the status of Bill Introduced since December 23, 2021. Bill HR 6343 was introduced during Congress 117 and was introduced to the House on December 23, 2021. Bill HR 6343's most recent activity was Referred to the House Committee on Financial Services. as of December 23, 2021

Bipartisan Support of Bill HR 6343

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 6343

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Banking and financial institutions regulation

- Business records

- Civil actions and liability

- Europe

- Foreign and international banking

- Fraud offenses and financial crimes

- Freedom of information

- Government information and archives

- Intelligence activities, surveillance, classified information

- Judicial review and appeals

- Russia

- Sanctions

Alternate Title(s) of Bill HR 6343

Illicit Finance Improvements Act

To expand the scope of the meetings of the supervisory team on countering illicit finance, to improve the combating of Russian money laundering, and for other purposes.