Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill directs the financial industry to strengthen efforts to detect and stop money laundering related to human trafficking. Within 180 days, federal banking regulators must review and improve their training programs and procedures for identifying suspicious transactions tied to trafficking, and enhance their processes for reporting potential cases to law enforcement. Additionally, within 270 days, an interagency task force must analyze current anti-money laundering efforts and provide Congress and federal banking agencies with recommendations on best practices, policy changes, training improvements, information-sharing strategies, and any needed updates to laws—particularly regarding emerging technologies and virtual currencies used by traffickers. The bill also amends the Trafficking Victims Protection Act to require countries receiving U.S. aid to have financial frameworks that prevent trafficking proceeds from flowing through their banking systems. The legislation emphasizes that banks should not deny services to trafficking victims or innocent parties, and it does not grant the task force independent rulemaking authority. No specific funding amounts are mentioned in the bill.
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