International Financial Access Improvements Act

Section 489(a)(7) of the Foreign Assistance Act of 1961 (22 U.S.C. 2291h(a)(7)) is amended—

(1) in the matter preceding subparagraph (A), by striking paragraph (3)(D) and inserting paragraph (3)(C); and

(2) by inserting after subparagraph (C) the following:

(D) Where the information is available, examples of improvements in each country related to the findings described in each of clauses (i) through (viii) of subparagraph (C) including—

(i) actions taken by the country due to the adoption of law and regulations considered essential to prevent narcotics-related money laundering;

(ii) enhanced enforcement actions taken by the country, such as regulatory penalties, criminal prosecutions and convictions, and asset seizures and forfeitures;

(iii) status changes in financial crime-related evaluations by international standards-setting bodies;

(iv) efforts to enhance the prevention of narcotics-related money laundering; and

(v) if applicable, bilateral, multilateral, and regional initiatives that have been undertaken to prevent narcotics-related money laundering.

In making each report required under section 489(a) of the Foreign Assistance Act of 1961, as amended by subsection (a), the President shall—

(1) consult with the Secretary of the Treasury on any parts of the report relating to money laundering; and

(2) prepare a separate volume of the report containing all items relating to money laundering, and submit a copy of such separate volume to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.

The Secretary of the Treasury shall, not later than 180 days after the date of the enactment of this section—

(A) consult with the Federal banking agencies, the Financial Institutions Examination Council, and the Bank Secrecy Act Advisory Group to determine how to build more consistent Bank Secrecy Act exams across such agencies; and

(B) submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, a report that describes steps the Secretary of the Treasury is taking to build more consistent Bank Secrecy Act exams across such agencies based on the consultation required under subparagraph (A).

In this subsection:

The term Bank Secrecy Act means—

(i) section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b);

(ii) chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.); and

(iii) subchapter II of chapter 53 of title 31, United States Code.

The term Federal banking agency has the meaning given the term in section 3(q) of the Federal Deposit Insurance Act.