House Passes Tipton’s Bill to Prevent the Illicit Financing of Nuclear, Chemical and Biological Weapons
WASHINGTON D.C. – This week, Congressman Scott Tipton’s (CO-03) Improving Strategies to Counter Weapons Proliferation Act (H.R. 6332) passed the House. This bill would help financial institutions and law enforcement better recognize and prevent the illicit financing of transfers and exports of nuclear, chemical and biological weapons.
“The spread of nuclear, chemical and biological weapons is a severe global threat,” said Tipton. “In helping financial institutions and law enforcement work together to better identify the signs of illegal weapons financing, this bill will close existing loopholes that allow bad actors to abuse the U.S. financial system for weapons proliferation.”
Watch Tipton speak in support of H.R. 6332, HERE.
As required by the Bank Secrecy Act (BSA), when financial institutions encounter suspicious activity, they file Suspicious Activity Reports (SARs) with the Financial Crimes Enforcement Network (FinCEN) at the Department of Treasury. Even though FinCEN has reported that some SARs have been helpful in individual cases, FinCEN has also determined that more can be done to study these filings and provide financial institutions with guidance on how to proactively prevent illicit weapons financing.
H.R. 6332 would require FinCEN to submit a report to Congress within one year and annually on the following:
- How the BSA data collected from financial institutions is being used to combat the spread of nuclear, chemical and biological weapons;
- How FinCEN collaborates with law enforcement, the intelligence community, and foreign financial intelligence units to maximize the use of BSA data collected from financial institutions;
- Advisory notices issued to financial institutions on financial activity related to the spread of nuclear, biological and chemical weapons.
# # #