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H.R. 7156, Combating Money Laundering in Cyber Crime Act of 2024 (CBO Report for Congress)

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Congress 118th
Date Requested Feb. 29, 2024
Requested By House Committee on Financial Services
Date Sent March 26, 2024
Description:
H.R. 7156 would expand the authority of the Secret Service to investigate financial crimes. Specifically, the bill would authorize the Secret Service to investigate the operations of unlicensed money transmitting businesses—entities that provide money transfer services or payment instruments—and the structuring of financial transactions to evade reporting and recordkeeping requirements. The bill also would extend for five years the requirement for the Financial Crimes Enforcement Network (FinCEN) to report to the Congress on a voluntary public-private partnership that works with financial institutions, law enforcement, and intelligence agencies. Under current law, FinCEN must report to the Congress on that program biennially through 2027.

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