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.
Status:
Expired
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