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Combating Financial Crime: New Coordination Center and Enhanced Trade Transparency

This Act establishes a new, centralized Cross-Border Financial Crime Center (CBFCC) to improve coordination among multiple federal agencies in prosecuting money laundering and illicit financial flows. Strengthening these efforts aims to protect fair trade and economic stability, indirectly enhancing citizens' financial security and limiting the operations of criminal organizations. Furthermore, the Act expands the Trade Transparency Units program to more effectively detect customs fraud and money laundering through trade transactions.
Key points
Establishment of the Cross-Border Financial Crime Center (CBFCC) to better coordinate investigations into money laundering, especially those related to trade-based schemes.
Strengthening cooperation between federal agencies (including Treasury, FBI, DEA, Customs) and state/local authorities in combating illicit finance.
Expansion of the Trade Transparency Units (TTU) program to facilitate better exchange of trade data with partner countries and detect customs fraud, sanctions evasion, and money laundering.
Mandating annual reports to Congress detailing the latest trends and techniques used by financial criminals.
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Expired
Citizen Poll
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Additional Information
Print number: 118_S_3384
Sponsor: Sen. Whitehouse, Sheldon [D-RI]
Process start date: 2023-11-30
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OFFICIAL LEGAL TITLE

Combating Cross-border Financial Crime Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3384.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-11-30.

What are the main provisions?

Key points include:

  • Establishment of the Cross-Border Financial Crime Center (CBFCC) to better coordinate investigations into money laundering, especially those related to trade-based schemes.
  • Strengthening cooperation between federal agencies (including Treasury, FBI, DEA, Customs) and state/local authorities in combating illicit finance.
  • Expansion of the Trade Transparency Units (TTU) program to facilitate better exchange of trade data with partner countries and detect customs fraud, sanctions evasion, and money laundering.
  • Mandating annual reports to Congress detailing the latest trends and techniques used by financial criminals.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Whitehouse, Sheldon [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Security Economy Courts and Law