Sec. 271. IMPROVING ANTITERROR FINANCE MONITORING OF FUNDS TRANSFERS

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## SEC. 271 IMPROVING ANTITERROR FINANCE MONITORING OF FUNDS TRANSFERS ###

(a)Study ####

(1)In general To improve the ability of the Department of the Treasury to better track cross-border fund transfers and identify potential financing of terrorist or other forms of illicit finance, the Secretary shall carry out a study to assess— #####

(A)the potential efficacy of requiring banking regulators to establish a pilot program to provide technical assistance to depository institutions and credit unions that wish to provide account services to money services businesses serving individuals in Somalia; #####

(B)whether such a pilot program could be a model for improving the ability of United States persons to make legitimate funds transfers through transparent and easily monitored channels while preserving strict compliance with the Bank Secrecy Act ([Public Law 91-508](/us/pl/91/508); [84 Stat. 1114](/us/stat/84/1114)) and related controls aimed at stopping money laundering and the financing of terrorism; and #####

(C)consistent with current legal requirements regarding confidential supervisory information, the potential impact of allowing money services businesses to share certain State examination information with depository institutions and credit unions, or whether another appropriate mechanism could be identified to allow a similar exchange of information to give the depository institutions and credit unions a better understanding of whether an individual money services business is adequately meeting its anti-money laundering and counter-terror financing obligations to combat money laundering, the financing of terror, or related illicit finance. ####

(2)Public input The Secretary should solicit and consider public input as appropriate in developing the study required under subsection (a). ###

(b)Report Not later than 270 days after the date of the enactment of this Act, the Secretary shall submit to the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate and the Committee on Financial Services and the Committee on Foreign Affairs of the House of Representatives a report that contains all findings and determinations made in carrying out the study required under subsection (a).

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Pub. L. 91-508
84 Stat. 1114

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Sec. 271

IMPROVING ANTITERROR FINANCE MONITORING OF FUNDS TRANSFERS

Pub. L.Pub. L. 91-508

Stat.84 Stat. 1114

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