International Financial Access Improvements Act
Congress moves to strengthen global drug money laundering reporting and push consistent bank oversight
Legislative Progress
Key Points
- Requires Congress’s yearly country-by-country drug money laundering report to include real examples of progress when info is available (like new laws, more prosecutions, and seized assets).
- Directs the President to consult the Treasury Department on money laundering sections, so financial crime details are checked by the main money-laundering agency.
- Creates a separate “money laundering” volume of the report and sends it to the main banking oversight committees in the House and Senate for closer review.
- Tells the Treasury Secretary to work with federal bank regulators to make bank anti-money laundering exams more consistent, then report back to Congress within 180 days.
Impact Analysis
Personal Impact
How this policy affects specific groups of people
Milestones
Referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
International Financial Access Improvements Act
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.