Expanding Secret Service Powers to Combat Money Laundering and Cyber Crime
This Act strengthens the government's ability to prosecute financial and cyber crimes by expanding the investigative authorities of the Secret Service. The agency will be able to investigate a wider range of financial institutions and violations of financial reporting requirements. Additionally, the FinCEN Exchange information-sharing program is extended by changing its authorization period from 5 to 10 years.
Key points
The Secret Service gains new authority to investigate illegal money transmitting offenses and violations of financial transaction reporting rules.
The scope of financial institutions subject to Secret Service investigations is broadened by removing the requirement for them to be federally insured.
The authorization for the FinCEN Exchange program is extended from 5 to 10 years.
Status:
Expired
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