Bill > HR5602

This bill, titled "To amend title 31, United States Code, to authorize the Secretary of the Treasury to include all funds when issuing certain geographic targeting orders, and for other purposes," primarily aims to strengthen the Treasury Department's ability to combat illicit financial activities. The key provision allows the Secretary of the Treasury to issue "geographic targeting orders" that can encompass "all funds" involved in transactions within specific geographic areas, rather than being limited to just U.S. coins or currency. These orders impose recordkeeping and reporting requirements on financial institutions and certain businesses to help track and prevent the movement of money for illegal purposes, such as terrorism financing and money laundering. The bill also includes provisions for a study to improve the tracking of cross-border fund transfers, a sense of Congress resolution to intensify international cooperation on combating terrorist financing, and a requirement for the Treasury Department to report on its counter-terror financing role in U.S. embassies. Finally, it mandates the development and submission of a national strategy for combating terrorist and other illicit finance, outlining goals, priorities, and methods for detection, prosecution, and intergovernmental cooperation, including an analysis of emerging threats like cryptocurrencies.