,,ii  #aagth ,,congress  #b;d ,session  
,s4 #chgf  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #ag1    
#bjbb,mr4 ,warner introduced the        
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend title #ca1 ,united    
,states ,code1 to authorize the         
,secretary of the ,treasury to place    
prohibitions or conditions on certain   
transmittals of funds in connection with
 jurisdictions1 financial institutions1 
international transactions1 or types of 
accounts of primary money laundering    
concern4  #a4 ,short title ,this ,act   
may be cited as the ,special ,measures  
to ,fight ,modern ,threats ,act4  #b4   
,findings ,congress finds the following3
 7#a7 ,the ,financial ,crimes           
,enforcement ,network 7in this section  
referred to as ,fin,c,e,n7 is the       
financial intelligence unit of the      
,united ,states tasked with safeguarding
 the financial system from illicit use1 

combating money laundering and its      
related crimes1 including terrorism1 and
 promoting national security4  7#b7     
,under law1 ,fin,c,e,n may require      
domestic financial institutions and     
financial agencies to take certain      
special measures against jurisdictions1 
institutions1 classes of transactions1  
or types of accounts determined to be of
 primary money laundering concern1      
providing the ,secretary with a range of
 options1 such as enhanced              
record-keeping1 that can be adapted to  
target specific money laundering and    
terrorist financing and to bring        
pressure on those that pose money       
laundering threats4  7#c7 ,this         
special-measures authority was granted  
in #bjja1 when most cross-border        
transactions occurred through           
correspondent or payable-through        
accounts held with large financial      
institutions that serve as              
intermediaries to facilitate financial  
transactions on behalf of other banks4  

7#d7 ,innovations in financial services 
have transformed and expanded methods of
 cross-border transactions that could   
not have been envisioned #bj years ago  
when ,fin,c,e,n was given its           
special-measures authority4  7#e7 ,these
 innovations1 particularly through      
digital assets and informal value       
transfer systems1 while useful to       
legitimate consumers and law            
enforcement1 can be tools abused by bad 
actors like sanctions evaders1          
fraudsters1 money launderers1 and those 
who commit ransomware attacks on        
victimized ,united ,states companies and
 that abuse the financial system to move
 and obscure the proceeds of their      
crimes4  7#f7 ,ransomware attacks on    
,united ,states companies requiring     
payments in cryptocurrencies have       
increased in recent years1 with the     
,treasury estimating that ransomware    
payments in the ,united ,states reached 
#eij1jjj1jjj in just the first half of  
#bjba1 compared to a total of           

#daf1jjj1jjj in #bjbj4  7#g7 ,in ,july  
#bjba1 the ,white ,house1 with support  
of ,united ,states allies1 asserted that
 the ,people's ,republic of ,china was  
responsible for ransomware operations   
against private companies that included 
demands of millions of dollars1         
including the #bjba ransomware attacks  
that breached ,microsoft email systems  
and affected thousands of consumers1    
,state and local municipalities1 and    
government contractors attributed to a  
cyber espionage group with links to the 
,ministry of ,state ,security of the    
,people's ,republic of ,china4  7#h7 ,as
 ransomware attacks organized by        
,chinese and other foreign bad actors   
continue to grow in size and scope1     
modernizing the special-measure         
authorities of ,fin,c,e,n will empower  
,fin,c,e,n to adapt its existing tools1 
monitor and obstruct global financial   
threats1 and meet the challenges of     
combating #bast century financial crime4
  #c4 ,prohibitions or conditions on    

certain transmittals of funds ,section  
#ecah;,a of title #ca1 ,united ,states  
,code1 is amended-- 7#a7 in subsection  
7a77#b77;,c71 by striking subsection    
7b77#e7 and inserting paragraphs 7#e7   
and 7#f7 of subsection 7b72 and  7#b7 in
 subsection 7b7-- 7,a7 in paragraph     
7#e71 by striking for or on behalf of a 
foreign banking institution2 and  7,b7  
by adding at the end the following3     
7#f7 ,prohibitions or conditions on     
certain transmittals of funds ,if the   
,secretary finds a jurisdiction outside 
of the ,united ,states1 #a or more      
financial institutions operating outside
 of the ,united ,states1 #a or more     
types of accounts within1 or involving1 
a jurisdiction outside of the ,united   
,states1 or #a or more classes of       
transactions within1 or involving1 a    
jurisdiction outside of the ,united     
,states to be of primary money          
laundering concern1 the ,secretary1 in  
consultation with the ,secretary of     
,state1 the ,attorney ,general1 and the 

,chairman of the ,board of ,governors of
 the ,federal ,reserve ,system1 may     
prohibit1 or impose conditions upon1    
certain transmittals of funds 7as such  
term may be defined by the ,secretary in
 a special measure issuance1 by         
regulation1 or as otherwise permitted by
 law71 to or from any domestic financial
 institution or domestic financial      
agency if such transmittal of funds     
involves any such jurisdiction1         
institution1 type of account1 or class  
of transaction4  4