FinCEN Improvement Act of 2019

II 116TH CONGRESS 1ST SESSION S. 582 To ensure that the Financial Crimes Enforcement Network works with Tribal law enforcement agencies, protects against all forms of terrorism, and focuses on virtual currencies. IN THE SENATE OF THE UNITED STATES FEBRUARY 27, 2019 Ms. CORTEZ MASTO (for herself, Mr. CASSIDY, Ms. SINEMA, and Mr. MORAN) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To ensure that the Financial Crimes Enforcement Network works with Tribal law enforcement agencies, protects against all forms of terrorism, and focuses on virtual currencies. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘FinCEN Improvement 4 Act of 2019’’. 5 SEC. 2. FINDINGS. 6 Congress finds the following: 7 VerDate Sep 11 2014 00:42 Mar 06, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S582.IS S582 pamtmann on DSKBFK8HB2PROD with BILLS 2 •S 582 IS (1) The mission of the Financial Crimes En- 1 forcement Network (referred to in this Act as 2 ‘‘FinCEN’’) is to safeguard the financial system 3 from illicit use, combat money laundering, and pro- 4 mote national security through the collection, anal- 5 ysis, and dissemination of financial intelligence and 6 strategic use of financial authorities. 7 (2) In its mission to safeguard the financial 8 system from the abuses of financial crime, including 9 terrorist financing, money laundering, and other il- 10 licit activity, the United States should prioritize 11 working with partners in Federal, State, local, Trib- 12 al, and foreign law enforcement authorities. 13 (3) The Federal Bureau of Investigation has 14 stated that, since the terror attacks on September 15 11, 2001, ‘‘The threat landscape has expanded con- 16 siderably, though it is important to note that the 17 more traditional threat posed by al Qaeda and its af- 18 filiates is still present and active. The threat of do- 19 mestic terrorism also remains persistent overall, with 20 actors crossing the line from First Amendment pro- 21 tected rights to committing crimes to further their 22 political agenda.’’. 23 (4) Although the use and trading of virtual cur- 24 rencies are legal practices, some terrorists and crimi- 25 VerDate Sep 11 2014 00:42 Mar 06, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S582.IS S582 pamtmann on DSKBFK8HB2PROD with BILLS 3 •S 582 IS nals, including international criminal organizations, 1 seek to exploit vulnerabilities in the global financial 2 system and are increasingly using emerging payment 3 methods such as virtual currencies to move illicit 4 funds. 5 (5) In carrying out its mission, FinCEN should 6 prioritize all forms of terrorism and emerging meth- 7 ods of terrorism and illicit finance. 8 SEC. 3. STRENGTHENING FINCEN. 9 Section 310(b)(2) of title 31, United States Code, is 10 amended— 11 (1) in subparagraph (C)— 12 (A) in clause (i), by inserting ‘‘Tribal,’’ 13 after ‘‘local,’’; and 14 (B) in clause (vi), by striking ‘‘inter- 15 national’’; 16 (2) in subparagraph (E), by striking ‘‘local,’’ 17 and inserting ‘‘local, Tribal,’’; 18 (3) in subparagraph (F), by striking ‘‘Federal, 19 State, local, and foreign law enforcement’’ and in- 20 serting ‘‘Federal, State, local, Tribal, and foreign 21 law enforcement’’; and 22 VerDate Sep 11 2014 00:42 Mar 06, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S582.IS S582 pamtmann on DSKBFK8HB2PROD with BILLS 4 •S 582 IS (4) in subparagraph (H), by inserting ‘‘, includ- 1 ing matters involving emerging technologies or value 2 that substitutes for currency’’ after ‘‘initiatives’’. 3 Æ VerDate Sep 11 2014 00:42 Mar 06, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S582.IS S582 pamtmann on DSKBFK8HB2PROD with BILLS