Bill > HR1408

This bill, the Taylor Force Martyr Payment Prevention Act of 2023, aims to deter foreign financial institutions from providing banking services for the benefit of foreign terrorist organizations and from facilitating or promoting payments for acts of terrorism. The bill amends existing law to allow the Secretary of the Treasury to designate foreign financial institutions that knowingly provide financial services to entities or individuals associated with terrorism as being of "primary money laundering concern," which would prohibit the maintenance or use of their correspondent accounts in the United States. This is intended to address the issue of banks in friendly jurisdictions evading U.S. anti-terrorism sanctions by avoiding a direct U.S. presence while continuing to provide banking services, including dollar-denominated transactions, for terrorist organizations that target U.S. nationals.

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https://www.congress.gov/bill/118th-congress/house-bill/1408/all-info