Sec. 243. REPORT ON ILLICIT FINANCE RELATING TO THE RUSSIAN FEDERATION

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## SEC. 243 REPORT ON ILLICIT FINANCE RELATING TO THE RUSSIAN FEDERATION ###

(a)In General Not later than 1 year after the date of the enactment of this Act, and not later than the end of each 1-year period thereafter until 2021, the Secretary of the Treasury shall submit to the appropriate congressional committees a report describing interagency efforts in the United States to combat illicit finance relating to the Russian Federation. ###

(b)Elements The report required by subsection

(a)shall contain a summary of efforts by the United States to do the following: ####

(1)Identify, investigate, map, and disrupt illicit financial flows linked to the Russian Federation if such flows affect the United States financial system or those of major allies of the United States. ####

(2)Conduct outreach to the private sector, including information sharing efforts to strengthen compliance efforts by entities, including financial institutions, to prevent illicit financial flows described in paragraph (1). ####

(3)Engage and coordinate with allied international partners on illicit finance, especially in Europe, to coordinate efforts to uncover and prosecute the networks responsible for illicit financial flows described in paragraph (1), including examples of that engagement and coordination. ####

(4)Identify foreign sanctions evaders and loopholes within the sanctions regimes of foreign partners of the United States. ####

(5)Expand the number of real estate geographic targeting orders or other regulatory actions, as appropriate, to degrade illicit financial activity relating to the Russian Federation in relation to the financial system of the United States. ####

(6)Provide support to counter those involved in illicit finance relating to the Russian Federation across all appropriate law enforcement, intelligence, regulatory, and financial authorities of the Federal Government, including by imposing sanctions with respect to or prosecuting those involved. ####

(7)In the case of the Department of the Treasury and the Department of Justice, investigate or otherwise develop major cases, including a description of those cases. ###

(c)Briefing After submitting a report under this section, the Secretary of the Treasury shall provide briefings to the appropriate congressional committees with respect to that report. ###

(d)Coordination The Secretary of the Treasury shall coordinate with the Attorney General, the Director of National Intelligence, the Secretary of Homeland Security, and the Secretary of State in preparing each report under this section. ###

(e)Form Each report submitted under this section shall be submitted in unclassified form, but may contain a classified annex. ###

(f)Definitions In this section: ####

(1)Appropriate congressional committees The term “appropriate congressional committees” means— #####

(A)the Committee on Banking, Housing, and Urban Affairs, the Committee on Foreign Relations, and the Committee on Finance of the Senate; and #####

(B)the Committee on Foreign Affairs, the Committee on Financial Services, and the Committee on Ways and Means of the House of Representatives. ####

(2)Illicit finance The term “illicit finance” means the financing of terrorism, narcotics trafficking, or proliferation, money laundering, or other forms of illicit financing domestically or internationally, as defined by the President. ## Subtitle B Countering Russian Influence in Europe and Eurasia