Sec. 304. Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing
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In this section: The term appropriate congressional committees means— the Committee on Banking, Housing, and Urban Affairs, the Committee on Homeland Security and Governmental Affairs, the Committee on the Judiciary, the Select Committee on Intelligence, and the Committee on Foreign Relations of the Senate; and the Committee on Financial Services, the Committee on Homeland Security, the Committee on the Judiciary, the Permanent Select Committee on Intelligence, and the Committee on Foreign Affairs of the House of Representatives.
The term distributed ledger intelligence companies means any business providing software, research, or other services such as but not limited to distributed ledger tracing tools, geofencing, transaction screening, the collection of business data, and sanctions screening, which supports private and public sector investigations and risk management activities involving cryptographically secured distributed ledgers or any similar analogue. The term foreign terrorist organization means an organization that is designated as a foreign terrorist organization under section 219 of the Immigration and Nationality Act ( 8 U.S.C. 1189 ).
The term illicit use includes fraud, darknet marketplace transactions, money laundering, the purchase and sale of illicit goods, sanctions evasion, theft of funds, funding of illegal activities, transactions related to child sexual abuse material, and any other financial transaction involving the proceeds of specified unlawful activity (as defined in section 1956(c) of title 18, United States Code). The term terrorist includes a person carrying out domestic terrorism or international terrorism (as those terms are defined in section 2331 of title 18, United States Code).
The term Working Group means the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing established under subsection (b). There is established the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing, which shall consist of the following: The Secretary of the Treasury, acting through the Under Secretary for Terrorism and Financial Intelligence, who shall serve as the chair of the Working Group. A senior-level representative from each of the following:
Each of the following components of the Department of the Treasury: The Financial Crimes Enforcement Network. The Internal Revenue Service. The Office of Foreign Assets Control. The Department of Justice and each of the following components of the Department: The Federal Bureau of Investigation. The Drug Enforcement Administration. The Department of Homeland Security and the United States Secret Service. The Department of State. Five individuals appointed by the Under Secretary for Terrorism and Financial Intelligence to represent the following:
Financial technology companies. Distributed ledger intelligence companies. Financial institutions. Institutions or organizations engaged in research. The Working Group shall— conduct independent research on terrorist and illicit use of new financial technologies, including crypto assets; analyze how crypto assets and emerging technologies may bolster the national security and economic competitiveness of the United States in financial innovation; and develop legislative and regulatory proposals to improve anti-money laundering, counter-terrorist, and other counter-illicit financing efforts in the United States.
Not later than 1 year after the date of enactment of this Act, and annually for the 2 years thereafter, the Working Group shall submit to the Secretary of the Treasury, the heads of each agency represented in the Working Group pursuant to subsection (b)(2), and the appropriate congressional committees a report containing the findings and determinations made by the Working Group in the previous year and any legislative and regulatory proposals developed by the Working Group. Before the date on which the Working Group terminates under subsection (f)(1), the Working Group shall submit to the appropriate congressional committees a final report detailing the findings, recommendations, and activities of the Working Group.
Members of the Working Group shall serve without pay, but shall receive travel expenses in accordance with sections 5702 and 5703 of title 5, United States Code. The Working Group shall, subject to paragraph (3), terminate on the date that is 4 years after the date of the enactment of this Act. On the date on which the Working Group terminates under paragraph (1)— all authorities granted to the Working Group under this section shall expire, subject to paragraph (3); and any funds appropriated for the Working Group that are available for obligation as of that date shall be returned to the Treasury.
The termination of the Working Group under paragraph
(1)and the expiration of authorities under paragraph
(2)shall not affect any investigations, research, or other activities of the Working Group ongoing as of the date on which the Working Group terminates under paragraph (1). Such investigations, research, and activities may continue until their completion. Not later than 180 days after the date of the enactment of this section, the President, acting through the Secretary of the Treasury, and in consultation with the head of each agency represented on the Working Group under subsection (b), shall submit to the appropriate congressional committees a report that describes— to the extent not currently disclosed in other reports, the potential uses of crypto assets and other related emerging technologies by states, non-state actors, and foreign terrorist organizations to evade sanctions, finance terrorism, or launder monetary instruments, and threaten United States national security; and a strategy how the United States will mitigate and prevent the illicit use of crypto assets and other related emerging technologies. The report required by paragraph
(1)shall be submitted in unclassified form, but may include a classified annex. The unclassified portion of the report required by paragraph
(1)shall be made available to the public and posted on a publicly accessible website of the Department of the Treasury— in precompressed, easily downloadable versions, in all appropriate formats; and in machine-readable format, if applicable. In preparing the report required by paragraph (1), the President may utilize any credible publication, database, or web-based resource, and any credible information compiled by any government agency, nongovernmental organization, or other entity that is made available to the President. Not later than 2 years after the date of the enactment of this Act, the Secretary of the Treasury shall brief the appropriate congressional committees on the implementation of the strategy required by subsection (g)(1).
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Sec. 304
Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing
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