,i #aaeth ,,congress #ast ,session ,h4 ,r4 #ccba ,,in ,,the ,,house ,,of ,,representatives ,july #bj1 #bjag,mr4 ,budd 7for himself1 ,ms4 ,sinema1 and ,mr4 ,pearce7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to require the establishment of a national strategy for combating the financing of terrorism and related financial crimes1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,national ,strategy for ,combating ,terrorist1 ,underground1 and ,other ,illicit ,financing ,act4 #b4 ,findings ,the ,congress finds the following3 7#a7 ,the financing of terrorism and related forms of illicit finance present a direct threat to national security and a threat to global stability4 7#b7 ,new terrorist groups or threats can form quickly1 and other groups change tactics to adapt1 creating a constantly changing terrorist environment1 presenting ever-changing risks and challenges to programs to disrupt the financing of terrorism and related forms of illicit finance4 7#c7 ,terrorists in some instances have formed symbiotic relationships with1 or are taking over1 transnational crime syndicates1 so that funding for both terrorism and profits from crime flow in the same fashion and often are indistinguishable4 7#d7 ,methods of concealing the movement of illicit funding change quickly in a globalized economy1 and rapid technological changes and financial innovation pose new risks that may be increasingly difficult for governments to stay abreast of without an agile1 constantly adjusted strategy to spot1 disrupt1 and prevent the financing of terrorism and related forms of illicit finance4 7#e7 ,a bipartisan requirement to create a national anti-money laundering strategy enacted in #aiih expired in #bjjg4 ,given the rapid globalization and rapid technology changes of the financial sector1 an updated strategy focused on the financing of terrorism is necessary4 7#f7 ,it is important for the ,government to have a unified strategy to fight financial crime and to update it annually1 both to accommodate new and developing threats and to help ,congress develop legislative and funding priorities4 7#g7 ,an effective strategy to counter terrorism financing is a critical component of the broader counter terrorism strategy of the ,united ,states4 #c4 ,development of national strategy 7a7 ,in general ,the ,president1 acting through the ,secretary shall1 in consultation with the ,attorney ,general1 the ,secretary of ,state1 the ,secretary of ,homeland ,security1 the ,director of ,national ,intelligence1 and the appropriate ,federal banking agencies1 develop a national strategy for combating the financing of terrorism and related forms of illicit finance4 7b7 ,transmittal to ,congress 7#a7 ,in general ,not later than #a year after the date of the enactment of this ,act1 the ,president shall submit to the appropriate congressional committees a comprehensive national strategy developed in accordance with subsection 7a74 7#b7 ,updates ,every #b years following the initial submission under paragraph 7#a71 the ,president shall submit to the appropriate congressional committees updated versions of the national strategy4 7c7 ,separate presentation of classified material ,any part of the national strategy that involves information that is properly classified under criteria established by the ,president shall be submitted to the ,congress separately in a classified annex and1 if requested by the chairman or ranking ,member of one of the appropriate congressional committees1 as a briefing at an appropriate level of security4 #d4 ,contents 7a7 ,in general ,the strategy described in section #c shall contain the following3 7#a7 ,evaluation of existing efforts ,an assessment of the effectiveness of and ways in which the ,united ,states is currently addressing the highest levels of risk of various forms of illicit finance1 including those identified in the documents entitled #bjae ,national ,money ,laundering ,risk ,assessment and #bjae ,national ,terrorist ,financing ,risk ,assessment1 published by the ,department of the ,treasury and a description of how the strategy is integrated into1 and supports1 the broader counter terrorism strategy of the ,united ,states4 7#b7 ,goals1 objectives1 and priorities ,a comprehensive1 research-based1 long-range1 quantifiable discussion of goals1 objectives1 and priorities for disrupting and preventing illicit finance activities within and transiting the financial system of the ,united ,states that outlines priorities to reduce the incidence1 dollar value1 and effects of illicit finance4 7#c7 ,threats ,an identification of the most significant illicit finance threats to the financial system of the ,united ,states4 7#d7 ,reviews and proposed changes ,reviews of enforcement efforts1 relevant regulations and relevant provisions of law and1 if appropriate1 discussions of proposed changes determined to be appropriate to ensure that the ,united ,states pursues coordinated and effective efforts at all levels of government1 and with international partners of the ,united ,states1 in the fight against illicit finance4 7#e7 ,detection and prosecution initiatives ,a description of efforts to improve detection and prosecution of illicit finance1 including efforts to ensure that-- 7,a7 subject to legal restrictions1 all appropriate data collected by the ,federal ,government that is relevant to the efforts described in this section be available in a timely fashion to-- 7i7 all appropriate ,federal departments and agencies2 and 7ii7 as appropriate and consistent with section #cad of the ,international ,money ,laundering ,abatement and ,financial ,anti-,terrorism ,act of #bjja 7#ca ,u4,s4,c4 #ecaa note71 financial institutions to assist the financial institutions in efforts to comply with laws aimed at curbing illicit finance2 and 7,b7 appropriate efforts are undertaken to ensure that ,federal departments and agencies charged with reducing and preventing illicit finance make thorough use of publicly available data in furtherance of this effort4 7#f7 ,the role of the private financial sector in prevention of illicit finance ,a discussion of ways to enhance partnerships between the private financial sector and ,federal departments and agencies with regard to the prevention and detection of illicit finance1 including-- 7,a7 efforts to facilitate compliance with laws aimed at stopping such illicit finance while maintaining the effectiveness of such efforts2 and 7,b7 providing guidance to strengthen internal controls and to adopt on an industry-wide basis more effective policies4 7#g7 ,enhancement of intergovernmental cooperation ,a discussion of ways to combat illicit finance by enhancing-- 7,a7 cooperative efforts between and among ,federal1 ,state1 and local officials1 including ,state regulators1 ,state and local prosecutors1 and other law enforcement officials2 and 7,b7 cooperative efforts with and between governments of countries and with and between multinational institutions1 including the ,financial ,action ,task ,force1 with expertise in fighting illicit finance4 7#h7 ,trend analysis of emerging illicit finance threats ,a discussion of and data regarding trends in illicit finance1 including evolving forms of value transfer such as so-called cryptocurrencies1 other methods that are computer1 telecommunications1 or ,internet-based1 cyber crime1 or any other threats that the ,secretary may choose to identify4 7#i7 ,budget priorities ,a multiyear budget plan that identifies sufficient resources needed to successfully execute the full range of missions called for in this section4 7#aj7 ,technology enhancements ,an analysis of current and developing ways to leverage technology to improve the effectiveness of efforts to stop the financing of terrorism and other forms of illicit finance1 including better integration of open-source data4 #e4 ,definitions ,in this ,act-- 7#a7 the term appropriate congressional committees means-- 7,a7 the ,committee on ,financial ,services1 the ,committee on ,foreign ,affairs1 the ,committee on ,armed ,services1 the ,committee on the ,judiciary1 the ,committee on ,homeland ,security1 and the ,permanent ,select ,committee on ,intelligence of the ,house of ,representatives2 and 7,b7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs1 the ,committee on ,foreign ,relations1 the ,committee on ,armed ,services1 the ,committee on the ,judiciary1 the ,committee on ,homeland ,security and ,governmental ,affairs1 and the ,select ,committee on ,intelligence of the ,senate2 7#b7 the term illicit finance means the financing of terrorism1 money laundering1 or other forms of illicit financing domestically or internationally1 as defined by the ,president2 7#c7 the term ,secretary means the ,secretary of the ,treasury2 and 7#d7 the term ,state means each of the several ,states1 the ,district of ,columbia1 and each territory or possession of the ,united ,states4