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Code · BILL · 116th Congress · H.R. 6395 (Placed on Calendar Senate) — To authorize appropriations for fiscal year 2021 for military activities of the Department of Defense, for military c... · Sec. 7109

Sec. 7109. FinCEN Exchange

286 words·~1 min read·/bill/116/hr/6395/pcs/section-7109

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Section 310 of title 31, United States Code, as amended by section 7108, is further amended by inserting after subsection
(e)the following: The FinCEN Exchange is hereby established within FinCEN, which shall consist of the FinCEN Exchange program of FinCEN in existence on the day before the date of enactment of this paragraph. The FinCEN Exchange shall facilitate a voluntary public-private information sharing partnership among law enforcement, financial institutions, and FinCEN to— effectively and efficiently combat money laundering, terrorism financing, organized crime, and other financial crimes; protect the financial system from illicit use; and promote national security. Not later than 1 year after the date of enactment of this subsection, and annually thereafter for the next 5 years, the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report containing— an analysis of the efforts undertaken by the FinCEN Exchange and the results of such efforts; an analysis of the extent and effectiveness of the FinCEN Exchange, including any benefits realized by law enforcement from partnership with financial institutions; and any legislative, administrative, or other recommendations the Secretary may have to strengthen FinCEN Exchange efforts. Each report under subparagraph
(A)may include a classified annex. Information shared pursuant to this subsection shall be shared in compliance with all other applicable Federal laws and regulations. Nothing under this subsection may be construed to create new information sharing authorities related to the Bank Secrecy Act (as such term is defined under section 5312 of title 31, United States Code). In this subsection, the term financial institution has the meaning given that term under section 5312. .
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