Bill > S1273

This bill aims to strengthen the United States Secret Service's ability to investigate cyber-related financial crimes by expanding its investigative authorities. Specifically, the bill modifies existing law to allow the Secret Service to investigate money laundering, structured transactions, and fraud against financial institutions (a financial institution is defined under section 5312 of title 31). The bill also extends the duration of the FinCEN (Financial Crimes Enforcement Network) exchange from 5 to 10 years and increases the time period for international financial institution sanctions from 6 to 10 years. Additionally, the bill requires the Government Accountability Office to conduct a study within one year of enactment, focusing on evaluating law enforcement's capacity to identify and deter money laundering in cyber crimes. This legislation is part of a broader effort to combat transnational cybercriminal activities, particularly those involving digital asset transactions and unlicensed money transmitting businesses, by providing law enforcement with more robust tools and extended investigative timelines.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/1273/all-info