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Combatting Money Laundering in Cyber Crime Act of 2025
5/1/2025, 5:40 PM
Summary of Bill S 1273
If passed, this legislation would give the Secret Service more authority to investigate and prosecute individuals and organizations involved in these types of cyber criminal activities. This includes the ability to track and monitor digital asset transactions, gather evidence, and collaborate with other law enforcement agencies to combat transnational cyber crime.
The bill emphasizes the importance of protecting the financial system from illicit activities conducted through digital assets, such as cryptocurrencies. By strengthening the Secret Service's authority in this area, the legislation aims to deter and prevent cyber criminals from exploiting digital assets for illegal purposes. Overall, the Digital Asset Transaction Authority Act seeks to address the growing threat of cyber crime in the digital asset space and enhance the government's ability to investigate and prosecute those responsible for such criminal activities.
Congressional Summary of S 1273
Combatting Money Laundering in Cyber Crime Act of 2025
This bill expands the investigative authority of the U.S. Secret Service, extends reporting requirements related to public-private information sharing, and requires the Government Accountability Office (GAO) to evaluate existing requirements to combat money laundering and related crimes.
Specifically, the bill authorizes the Secret Service to investigate money laundering and structured transactions (i.e., structuring currency transactions to evade currency reporting requirements).
Additionally, the bill extends the requirement for the Financial Crimes Enforcement Network (FinCEN) to report on the efforts of the FinCEN Exchange. The FinCEN Exchange is a voluntary public-private information sharing partnership among law enforcement agencies, national security agencies, financial institutions, and FinCEN to combat money laundering and related crimes, including the financing of terrorism.
The bill also extends the requirement for the U.S. executive director at the International Monetary Fund to support the increased use of the fund's administrative budget to help members prevent money laundering and the financing of terrorism. The requirement expires on December 20, 2025.
Finally, the bill directs the GAO to report on implementation of provisions of the Anti-Money Laundering Act of 2020 that expanded information sharing with tribal authorities and expanded reporting requirements related to money laundering and terrorist financing. The GAO must focus on evaluating the ability of law enforcement to identify and deter money laundering in cybercrimes.
