Page 59 - BILLS-107hr3162enr

H. R. 3162—58
‘‘(l) APPLICABILITY OF RULES.—Any rules promulgated pursuant
to the authority contained in section 21 of the Federal Deposit
Insurance Act (12 U.S.C. 1829b) shall apply, in addition to any
other financial institution to which such rules apply, to any person
that engages as a business in the transmission of funds, including
any person who engages as a business in an informal money transfer
system or any network of people who engage as a business in
facilitating the transfer of money domestically or internationally
outside of the conventional financial institutions system.’’.
(d) REPORT.—Not later than 1 year after the date of enactment
of this Act, the Secretary of the Treasury shall report to Congress
on the need for any additional legislation relating to persons who
engage as a business in an informal money transfer system or
any network of people who engage as a business in facilitating
the transfer of money domestically or internationally outside of
the conventional financial institutions system, counter money laun-
dering and regulatory controls relating to underground money move-
ment and banking systems, including whether the threshold for
the filing of suspicious activity reports under section 5318(g) of
title 31, United States Code should be lowered in the case of
such systems.
SEC. 360. USE OF AUTHORITY OF UNITED STATES EXECUTIVE DIREC-
TORS.
(a) ACTION BY THE PRESIDENT.—If the President determines
that a particular foreign country has taken or has committed to
take actions that contribute to efforts of the United States to
respond to, deter, or prevent acts of international terrorism, the
Secretary may, consistent with other applicable provisions of law,
instruct the United States Executive Director of each international
financial institution to use the voice and vote of the Executive
Director to support any loan or other utilization of the funds of
respective institutions for such country, or any public or private
entity within such country.
(b) USE OF VOICE AND VOTE.—The Secretary may instruct
the United States Executive Director of each international financial
institution to aggressively use the voice and vote of the Executive
Director to require an auditing of disbursements at such institutions
to ensure that no funds are paid to persons who commit, threaten
to commit, or support terrorism.
(c) DEFINITION.—For purposes of this section, the term ‘‘inter-
national financial institution’’ means an institution described in
section 1701(c)(2) of the International Financial Institutions Act
(22 U.S.C. 262r(c)(2)).
SEC. 361. FINANCIAL CRIMES ENFORCEMENT NETWORK.
(a) IN GENERAL.—Subchapter I of chapter 3 of title 31, United
States Code, is amended—
(1) by redesignating section 310 as section 311; and
(2) by inserting after section 309 the following new section:
‘‘§ 310. Financial Crimes Enforcement Network
‘‘(a) IN GENERAL.—The Financial Crimes Enforcement Network
established by order of the Secretary of the Treasury (Treasury
Order Numbered 105-08, in this section referred to as ‘FinCEN’)
on April 25, 1990, shall be a bureau in the Department of the
Treasury.
‘‘(b) DIRECTOR.—