Bill Summary
This bill, known as the "Fight Illicit Finance through Technical Assistance Act of 2019," aims to support the International Monetary Fund (IMF) in preventing money laundering and financing of terrorism. It instructs the Secretary of the Treasury to use the voice and vote of the United States to increase the use of the IMF's administrative budget for technical assistance to strengthen the capacities of its member countries. This support will be monitored and reported on by the National Advisory Council on International Monetary and Financial Policies. This legislation will expire after 5 years.
Possible Impacts
1. The legislation could limit the amount of funding available for other programs, as resources are being directed towards preventing money laundering and financing of terrorism through the International Monetary Fund.
2. The legislation could potentially increase the effectiveness of efforts to prevent money laundering and financing of terrorism, as it requires regular reports and assessments of the activities and efficacy of the International Monetary Fund.
3. The legislation could potentially have a negative impact on countries that rely on money laundering and financing of terrorism for economic stability, as the increased focus on prevention and strengthening of capacity could make it more difficult for them to engage in these activities.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4367 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 4367
To support the capacity of the International Monetary Fund to prevent
money laundering and financing of terrorism.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 17, 2019
Mr. John W. Rose of Tennessee introduced the following bill; which was
referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To support the capacity of the International Monetary Fund to prevent
money laundering and financing of terrorism.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Fight Illicit Finance through
Technical Assistance Act of 2019''.
SEC. 2. SUPPORT FOR IMF CAPACITY TO PREVENT MONEY LAUNDERING AND
FINANCING OF TERRORISM.
(a) International Monetary Fund.--Title XVI of the International
Financial Institutions Act (22 U.S.C. 262p et seq.) is amended by
adding at the end the following:
``SEC. 1629. SUPPORT FOR CAPACITY OF THE INTERNATIONAL MONETARY FUND TO
PREVENT MONEY LAUNDERING AND FINANCING OF TERRORISM.
``(a) In General.--The Secretary of the Treasury shall instruct the
United States Executive Director at the International Monetary Fund to
use the voice and vote of the United States to support the increased
use of the administrative budget of the Fund for technical assistance
that strengthens the capacity of Fund members to prevent money
laundering and the financing of terrorism.
``(b) Sunset.--This section shall cease to have force or effect 5
years after the date of the enactment of this section.''.
(b) National Advisory Council Report to Congress.--
(1) In general.--The Chairman of the National Advisory
Council on International Monetary and Financial Policies shall
include in the report required by section 1701 of the
International Financial Institutions Act a description of--
(A) the activities of the International Monetary
Fund in the most recently completed fiscal year to
provide technical assistance that strengthens the
capacity of Fund members to prevent money laundering
and the financing of terrorism, and the effectiveness
of the assistance; and
(B) the efficacy of efforts by the United States to
support the technical assistance through the use of the
administrative budget of the International Monetary
Fund.
(2) Sunset.--This subsection shall cease to have force or
effect 5 years after the date of the enactment of this Act.
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