S. 3603 · 118th Congress
Preventing Illicit Finance Through Partnership Act of 2024
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HagertySponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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).
What it does: CRS summary · Introduced in Senate · Jan 17, 2024
Preventing Illicit Finance Through Partnership Act of 2024
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.
The bill limits the liability of designated private sector entities in the context of sharing or disclosing information under this bill.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Preventing Illicit Finance Through Partnership Act of 2024
Latest action (Jan 17, 2024): Read twice and referred to the Committee on the Judiciary.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jan 17, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.