To deter foreign financial institutions from providing banking services for the benefit of foreign terrorist organizations and from facilitating or promoting payments for acts of terrorism.
About This Bill
Committee
Latest Action · March 7, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S671-672)
Taylor Force Martyr Payment Prevention Act of 2023
This bill expands the institutional factors the Department of the Treasury must consider when making a finding that a foreign financial institution is of primary money laundering concern and is therefore subject to special measures, including the prohibition of opening or maintaining correspondent accounts in U.S financial institutions. Specifically, Treasury must consider (1) the extent to which an institution knowingly provides financial services to Hamas, or to an agent of Hamas; and (2) the extent to which an institution, transaction, or type of account is used to facilitate or promote payments for certain acts of terrorism against U.S. and Israeli citizens.
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