On July 20, 2017, Representative Ted Budd (R-NC) introduced in the House of Representatives H.R. 3321, the “National Strategy for Combating Terrorist, Underground, and Other Illicit Financing Act.” The purpose of H.R. 3321 is to “require the establishment of a national strategy for combating the financing of terrorism and related financial crimes, and for other purposes.” As summarized by the House Financial Services Committee, which will meet to markup the bill on July 25, 2017, H.R. 3321 would among other measures “require the President, acting through the Treasury Secretary, to develop and publish a whole-of-government strategy to combat money laundering and terrorist financing.”
The text of H.R. 3321 is available here.
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For more information about H.R. 3321 and MassPoint’s related legislative analysis and tracking and AML/CFT regulatory counseling and compliance services, contact Hdeel Abdelhady at habdelhady@masspointpllc.com.