Bill > S691

This bill, the Taylor Force Martyr Payment Prevention Act of 2023, aims to deter foreign financial institutions from providing banking services to foreign terrorist organizations or facilitating payments for acts of terrorism. The bill amends the existing law, Section 5318A(c)(2)(B) of Title 31 of the United States Code, to allow the Secretary of the Treasury to designate foreign financial institutions as being of "primary money laundering concern" if they knowingly provide financial services to entities or individuals associated with terrorism or if they are used to facilitate or promote payments for terrorist acts. This would enable the Treasury Department to prohibit the maintenance or use of correspondent accounts in the United States by such institutions, thereby cutting off their access to the U.S. financial system.

Housing and Urban Affairs

https://www.congress.gov/bill/118th-congress/senate-bill/691/all-info