Blocking foreign banks that facilitate terrorism financing and martyr payments.
This bill aims to strengthen counter-terrorism financing efforts by giving the U.S. Treasury Department new tools to target foreign banks. It allows the Treasury to more easily designate foreign financial institutions as primary money laundering concerns if they knowingly provide services to terrorist organizations or facilitate payments for acts of terrorism. The goal is to enhance U.S. national security by cutting off terrorist groups' access to the U.S. financial system and dollar transactions.
Key points
Empowers the Treasury Department to designate foreign financial institutions as primary money laundering concerns if they support terrorism.
Allows the prohibition of such banks from maintaining or using correspondent accounts in the U.S., effectively blocking their access to dollar transactions.
New criteria for designation include knowingly facilitating or promoting payments for acts of terrorism (often referred to as 'martyr payments').
Status:
Expired
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