,,ii #aahth ,,congress #b;d ,session ,s4 #cfjc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #ag1 #bjbd,mr4 ,hagerty 7for himself and ,ms4 ,lummis7 introduced the following bill2 which was read twice and referred to the ,committee on the ,judiciary ,a ,,bill ,to establish an information-sharing pilot program to combat the illicit use of crypto assets4 #a4 ,short title ,this ,act may be cited as the ,preventing ,illicit ,finance ,through ,partnership ,act of #bjbd4 #b4 ,information-sharing pilot program to combat illicit use of crypto assets 7a7 ,definitions ,in this section3 7#a7 ,covered agency ,the term covered agency means-- 7,a7 the ,department of ,justice1 including the ,federal ,bureau of ,investigation and the ,drug ,enforcement ,administration2 7,b7 the ,financial ,crimes ,enforcement ,network2 and 7,c7 the ,department of ,homeland ,security4 7#b7 ,crypto asset ,the term crypto asset means a natively electronic asset that-- 7,a7 confers economic1 proprietary1 or access rights or powers2 and 7,b7 is recorded using cryptographically secured distributed ledger technology1 or any similar analogue4 7#c7 ,designated private sector entity ,the term designated private sector entity means a private sector entity designated under subsection 7c74 7#d7 ,director ,the term ,director means the ,director of the ,financial ,crimes ,enforcement ,network4 7#e7 ,illicit finance violation ,the term illicit finance violation means the illicit use of crypto assets4 7#f7 ,illicit use ,the term illicit use includes fraud1 darknet marketplace transactions1 money laundering1 the purchase and sale of illicit goods1 sanctions evasion1 theft of funds1 funding of illegal activities1 transactions related to child sexual abuse material1 and any other financial transaction involving the proceeds of specified unlawful activity 7as defined in section #aief7;c7 of title #ah1 ,united ,states ,code74 7#g7 ,money services business ,the term money services business has the meaning given the term in section #ajaj4ajj of title #ca1 ,code of ,federal ,regulations1 or any successor regulation4 7#h7 ,secretary ,the term ,secretary means the ,secretary of ,homeland ,security4 7b7 ,establishment of program ,the ,attorney ,general shall establish a pilot program under which covered agencies and designated private sector entities securely share information about potential illicit finance violations and threats and emerging risks relating to illicit finance violations4 7c7 ,designation of private sector entities 7#a7 ,required designation 7,a7 ,initial designation ,not later than #ij days after the date of enactment of this ,act1 the ,attorney ,general1 in consultation with the ,director and the ,secretary1 shall designate #aj private sector entities that are money services businesses and #aj private sector entities from the crypto asset industry to participate in the pilot program established under subsection 7b74 7,b7 ,biannual review ,not less frequently than once every #f months1 the ,attorney ,general1 in consultation with the ,director and the ,secretary1 shall review and1 as appropriate1 replace the private sector entities designated under this paragraph4 7#b7 ,optional designation ,in addition to the #bj private sector entities designated under paragraph 7#a71 the ,attorney ,general1 in consultation with the ,director and the ,secretary1 may designate #a or more information sharing and analysis centers to participate in the pilot program4 7d7 ,information sharing with private sector entities ,a covered agency that initiates an investigation into a potential illicit finance violation1 or identifies a threat or emerging risk relating to illicit finance violations1 may share with any designated private sector entity such information about the investigation1 threat1 or emerging risk as the covered agency determines appropriate4 7e7 ,use of information by private sector entities ,information received by a designated private sector entity under this section may not be used for any purpose other than identifying and reporting on activities that may involve illicit finance violations or threats and emerging risks relating to illicit finance violations4 7f7 ,means of sharing information ,the covered agencies and designated private sector entities may share information about potential illicit finance violations1 or threats and emerging risks relating to illicit finance violations1 with each other-- 7#a7 through a portal established by the ,attorney ,general or a similar mechanism determined appropriate by the ,attorney ,general2 7#b7 through secure email2 or 7#c7 at virtual monthly meetings1 which shall be facilitated by the ,attorney ,general4 7g7 ,limitation on liability ,a designated private sector entity that transmits1 receives1 or shares information for the purposes of identifying and reporting activities that may constitute illicit finance violations1 or threats and emerging risks relating to illicit finance violations1 shall not be liable to any person under any law or regulation of the ,united ,states1 any constitution1 law1 or regulation of any ,state or political subdivision thereof1 or under any contract or other legally enforceable agreement 7including any arbitration agreement71 for such disclosure or for any failure to provide notice of such disclosure to the person who is the subject of such disclosure1 or any other person identified in the disclosure4 7h7 ,voluntary participation ,participation by a designated private sector entity in the pilot program established under subsection 7b71 including sharing of information regarding potential illicit finance violations or threats and emerging risks relating to illicit finance violations1 shall be voluntary4 7i7 ,sunset ,the pilot program established under subsection 7b7 shall terminate on the date that is #e years after the date of enactment of this ,act4