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Code · BILL · 116th Congress · H.R. 6395 (Enrolled) — To authorize appropriations for fiscal year 2021 for military activities of the Department of Defense, for military c... · Sec. 6507

Sec. 6507. Treasury study and strategy on money laundering by the People's Republic of China

227 words·~1 min read·/bill/116/hr/6395/enr/section-6507·

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The Secretary shall carry out a study, which shall rely substantially on information obtained through the trade-based money laundering analyses conducted by the Comptroller General of the United States, on— the extent and effect of illicit finance risk relating to the Government of the People’s Republic of China and Chinese firms, including financial institutions; an assessment of the illicit finance risks emanating from the People's Republic of China; those risks allowed, directly or indirectly, by the Government of the People's Republic of China, including those enabled by weak regulatory or administrative controls of that government; and the ways in which the increasing amount of global trade and investment by the Government of the People’s Republic of China and Chinese firms exposes the international financial system to increased risk relating to illicit finance.
Upon the completion of the study required under subsection (a), the Secretary, in consultation with such other Federal agencies as the Secretary determines appropriate, shall develop a strategy to combat Chinese money laundering activities. Not later than 1 year after the date of enactment of this Act, the Secretary shall submit to Congress a report containing— all findings and determinations made in carrying out the study required under subsection (a); and the strategy developed under subsection (b).
The report required by subsection (c)— shall be submitted in unclassified form; and may include a classified annex.
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