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FinCEN Oversight and Accountability Act of 2025
1/30/2025, 10:53 AM
Summary of Bill HR 147
Bill 119 HR 147, also known as the "Improving Financial Crimes Enforcement Network Act," aims to enhance the operations of the Financial Crimes Enforcement Network (FinCEN) and address various financial crimes.
The bill includes provisions to improve the efficiency and effectiveness of FinCEN by requiring the agency to establish a process for prioritizing and addressing high-risk areas, enhancing coordination with other federal agencies, and increasing transparency in its operations. Additionally, the bill seeks to strengthen FinCEN's ability to combat money laundering, terrorist financing, and other financial crimes by providing the agency with additional resources and tools.
Furthermore, the bill includes measures to enhance information sharing and collaboration between FinCEN and other law enforcement agencies, as well as provisions to improve the reporting and analysis of financial intelligence. The bill also includes provisions to enhance the protection of sensitive financial information and strengthen the penalties for individuals and entities that engage in financial crimes. Overall, Bill 119 HR 147 aims to strengthen FinCEN's ability to combat financial crimes and enhance the overall effectiveness of the agency in protecting the financial system from illicit activities.
The bill includes provisions to improve the efficiency and effectiveness of FinCEN by requiring the agency to establish a process for prioritizing and addressing high-risk areas, enhancing coordination with other federal agencies, and increasing transparency in its operations. Additionally, the bill seeks to strengthen FinCEN's ability to combat money laundering, terrorist financing, and other financial crimes by providing the agency with additional resources and tools.
Furthermore, the bill includes measures to enhance information sharing and collaboration between FinCEN and other law enforcement agencies, as well as provisions to improve the reporting and analysis of financial intelligence. The bill also includes provisions to enhance the protection of sensitive financial information and strengthen the penalties for individuals and entities that engage in financial crimes. Overall, Bill 119 HR 147 aims to strengthen FinCEN's ability to combat financial crimes and enhance the overall effectiveness of the agency in protecting the financial system from illicit activities.
Congressional Summary of HR 147
FinCEN Oversight and Accountability Act of 2025
This bill requires the Department of the Treasury to keep specified congressional committees informed of the activity of the Financial Crimes Enforcement Network (FinCEN), particularly regarding unlawful activity and any resulting corrective action.
Further, Treasury must disclose to Congress and to the public (with some exclusions) all controlling documents delegating authority to or providing direction to FinCEN. Such disclosure includes any controlling documents in force upon enactment, any controlling documents issued thereafter, and any changes to controlling documents.
The bill extends for an additional five years the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs.
FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.
Read the Full Bill
Current Status of Bill HR 147
Bill HR 147 is currently in the status of Bill Introduced since January 3, 2025. Bill HR 147 was introduced during Congress 119 and was introduced to the House on January 3, 2025. Bill HR 147's most recent activity was Referred to the House Committee on Financial Services. as of January 3, 2025
Bipartisan Support of Bill HR 147
Total Number of Sponsors
6Democrat Sponsors
0Republican Sponsors
6Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 147
Primary Policy Focus
Alternate Title(s) of Bill HR 147
To make improvements to the Financial Crimes Enforcement Network, and for other purposes.
To make improvements to the Financial Crimes Enforcement Network, and for other purposes.
Comments
Seth Brewer
667
1 year ago
This bill is ridiculous.
Sponsors and Cosponsors of HR 147
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