Referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial Services, 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.
H.R. 6829, the International Financial Access Improvements Act, strengthens U.S. efforts to combat narcotics-related money laundering by requiring more detailed reporting on how foreign countries are tackling financial crimes. The bill amends the Foreign Assistance Act to expand the International Narcotics Control Strategy Report with specific examples of each country's improvements, such as new laws, enforcement actions, asset seizures, and international partnerships to prevent drug-related money laundering. The legislation also requires the President to consult with the Treasury Department on money laundering sections and create a separate money laundering volume for Congress. Additionally, the Treasury Secretary must consult with federal banking regulators within 180 days to develop more consistent standards for Bank Secrecy Act examinations across agencies and report back to Congress on progress. No specific funding amounts or implementation deadlines are specified beyond the 180-day consultation requirement for the Treasury report.
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