118th Congress Finance and Financial Sector
S. 3603: Preventing Illicit Finance Through Partnership Act of 2024
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes a pilot program to facilitate information sharing between federal entities and private sector entities regarding illicit finance (i.e., financial transactions involving the proceeds of unlawful activity as specified by the bill).
Specifically, the Department of Justice (DOJ) must establish a pilot program for information sharing between the private sector and the DOJ, the Financial Crimes Enforcement Network (FinCEN), and the Department of Homeland Security (DHS) about potential violations, threats, and risks regarding illicit finance.
The DOJ, in consultation with FinCEN and DHS, must designate private sector entities in the money service business and in the crypto asset industry to participate in the pilot program. Additionally, one or more information sharing and analysis centers may also be selected to participate in the pilot program. Participation in the pilot program is voluntary.
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The bill limits the liability of designated private sector entities in the context of sharing or disclosing information under this bill.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Cynthia Lummis R-WYOriginal
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Other bills by Bill Hagerty
History
- Introduced in the Senate by Bill Hagerty.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on the Judiciary.