Bill > HR5877

This bill aims to strengthen the United States Secret Service's authority to investigate cybercrime and money laundering by expanding its investigative powers. Specifically, the bill modifies existing laws to allow the Secret Service to investigate additional financial crimes, including money laundering and structured transactions (financial activities designed to evade reporting requirements). The bill extends the Secret Service's jurisdiction to include investigating crimes under section 1960 (relating to unlicensed money transmitting businesses) and broadens its ability to investigate financial institutions. Additionally, the bill increases the time limit for the Financial Crimes Enforcement Network (FinCEN) exchange from 5 to 10 years and extends the period for international financial institution sanctions from 6 to 10 years. The legislation also requires the Government Accountability Office to conduct a study within one year of enactment, focusing on law enforcement's ability to identify and deter money laundering in cybercrimes, and to report its findings to congressional committees. The bill is designed to provide more robust tools for combating financial crimes in the digital age, particularly those involving cryptocurrency and online financial transactions.

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https://www.congress.gov/bill/119th-congress/house-bill/5877/all-info