Sec. 6102. Strengthening FinCEN
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/bill/116/hr/6395/enr/section-6102·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It is the sense of Congress that— the mission of FinCEN should be to continue to safeguard the financial system from illicit activity, counter money laundering and the financing of terrorism, and promote national security through strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence; in its mission to safeguard the financial system from the abuses of financial crime, the United States should prioritize working with partners in Federal, State, local, Tribal, and foreign law enforcement authorities; although the use and trading of virtual currencies are legal practices, some terrorists and criminals, including transnational criminal organizations, seek to exploit vulnerabilities in the global financial system and increasingly rely on substitutes for currency, including emerging payment methods (such as virtual currencies), to move illicit funds; and in carrying out its mission, FinCEN should ensure that its efforts fully support countering the financing of terrorism efforts, including making sure that steps to address emerging methods of such illicit financing are high priorities.
Section 310(b)(2) of title 31, United States Code, is amended— in subparagraphs (C), (E), and (F), by inserting Tribal, after local, each place that term appears; and in subparagraph (C)(vi), by striking international . Section 5318(a)(2) of title 31, United States Code, is amended— by inserting , including the collection and reporting of certain information as the Secretary of the Treasury may prescribe by regulation, after appropriate procedures ; and by inserting , the financing of terrorism, or other forms of illicit finance after money laundering .
Section 5312(a) of title 31, United States Code, is amended— in paragraph (1), by striking , or a transaction in money, credit, securities, or gold and inserting , a transaction in money, credit, securities or gold, or a service provided with respect to money, securities, futures, precious metals, stones and jewels, or value that substitutes for currency ; in paragraph (2)— in subparagraph (J), by inserting , or a business engaged in the exchange of currency, funds, or value that substitutes for currency or funds before the semicolon at the end; and in subparagraph (R), by striking funds, and inserting currency, funds, or value that substitutes for currency, ; and in paragraph (3)— in subparagraph (B), by striking and at the end; in subparagraph (C), by striking the period at the end and inserting ; and ; and by adding at the end the following: as the Secretary shall provide by regulation, value that substitutes for any monetary instrument described in subparagraph (A), (B), or (C). .
Section 5330(d) of title 31, United States Code, is amended— in paragraph (1)(A)— by striking funds, and inserting currency, funds, or value that substitutes for currency, ; and by striking system;; and inserting system; ; and in paragraph (2)— by striking currency or funds denominated in the currency of any country and inserting currency, funds, or value that substitutes for currency ; by striking currency or funds, or the value of the currency or funds, and inserting currency, funds, or value that substitutes for currency ; and by inserting , including after means .