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Strengthening the Fight Against Money Laundering, Terrorist Financing, and Counterfeiting.

This Act significantly tightens penalties and broadens the definitions of crimes related to money laundering, cash smuggling, and counterfeiting. It introduces new tools for law enforcement, making it easier to prosecute complex financial schemes, including those using informal money transfer systems. Citizens using money transfer services may experience increased scrutiny and regulations aimed at preventing criminal exploitation of these systems.
Key points
Penalties for bulk cash smuggling doubled to 10 years imprisonment, with increased fines for aggravated violations.
Easier prosecution of money laundering by aggregating small, related transactions (over $10,000) and including commingled criminal funds.
Stricter rules for illegal money services businesses (e.g., Hawalas), even if operating without knowledge of licensing requirements.
Expands Secret Service authority to investigate money laundering, regardless of whether the financial institution is federally insured.
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Expired
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Additional Information
Print number: 118_S_3643
Sponsor: Sen. Grassley, Chuck [R-IA]
Process start date: 2024-01-23
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3643.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-01-23.

What are the main provisions?

Key points include:

  • Penalties for bulk cash smuggling doubled to 10 years imprisonment, with increased fines for aggravated violations.
  • Easier prosecution of money laundering by aggregating small, related transactions (over $10,000) and including commingled criminal funds.
  • Stricter rules for illegal money services businesses (e.g., Hawalas), even if operating without knowledge of licensing requirements.
  • Expands Secret Service authority to investigate money laundering, regardless of whether the financial institution is federally insured.
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. Grassley, Chuck [R-IA].

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

Courts and Law Security Economy