Bill > HR3629

This bill seeks to enhance the financial industry's role in combating human trafficking by requiring several key actions. The Financial Institutions Examination Council must review and improve training and examination procedures to better detect financial transactions related to human trafficking within 180 days of the bill's enactment. An Interagency Task Force will be required to submit a comprehensive report within 270 days, analyzing current anti-money laundering efforts and providing recommendations to strengthen financial institutions' ability to detect and deter money laundering associated with human trafficking. The report must include feedback from financial institutions, victims, advocates, and other stakeholders on best practices, potential policy changes, employee training improvements, and information-sharing strategies. The bill specifically includes recommendations for addressing emerging technologies and virtual currencies used in trafficking-related financial transactions. Importantly, the bill explicitly states that it does not intend to encourage financial institutions to deny services to trafficking victims or innocent individuals, and it provides clear definitions of key terms such as "severe forms of trafficking in persons" and "law enforcement agency". Additionally, the bill amends the Trafficking Victims Protection Act to establish minimum standards for countries to prevent financial transactions involving human trafficking proceeds.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/3629/all-info