Terrorist Financing Prevention Act of 2023
Latest action · Feb 8, 2024 Committee on Banking, Housing, and Urban Affairs. Hearings held.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 7, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Terrorist Financing Prevention Act of 2023
This bill requires specified sanctions on foreign entities that facilitate financial transactions tied to foreign terrorist organizations.
The bill requires the Department of the Treasury to identify any foreign financial institution or foreign digital asset transaction facilitator that (1) has knowingly facilitated a significant financial transaction with a foreign terrorist organization or related person, or (2) has engaged in money laundering to carry out such a transaction.
The President must prohibit, or place restrictions on, opening or maintaining a U.S. correspondent or payable-through account by such an institution. Further, the President must prohibit any transactions between any person subject to the jurisdiction of the United States and a foreign digital asset transaction facilitator identified by Treasury under this bill.
The bill allows Treasury to prohibit or restrict certain fund transmittals if a foreign jurisdiction, institution, account, or transaction is of primary money laundering concern.
Cosponsors 3
Members who signed on, in the order they did. All signed on Dec 7, 2023.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-RI | Jack Reed | Original | Dec 7, 2023 |
| R-SD | Mike Rounds | Original | Dec 7, 2023 |
| R-UT | Mitt Romney | Original | Dec 7, 2023 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Dec 7, 2023Hearings Feb 8, 2024 |
Actions 3
Everything that happened, newest first.
- Feb 8, 2024Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Dec 7, 2023Introduced in Senate
- Dec 7, 2023Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to prevent Foreign Terrorist Organizations and their financial enablers, whether in currency or digital assets, from accessing financial and other institutions of the United States, and for other purposes.
- Short Title(s) as Introduced
- Terrorist Financing Prevention Act of 2023
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Dec 7, 2023Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
