Congressman Denver Riggleman introduced his first four bills
WASHINGTON –Yesterday, Congressman Denver Riggleman introduced his first bills as a member of the House of Representatives, introducing four bills to address issues of money laundering and criminal financing of terrorism. H.R. 1037, H.R. 1038, H.R. 1039, and H.R. 1036 were introduced to the House this afternoon.
“It is important for me to hit the ground running and start working on legislation that can attack some of the very real problems of terrorist financing and criminal money laundering. These four bills are serious measures designed to remedy real issues in our financial system and make an immediate impact. Riggleman continued, “I am proud to introduce this legislation and look forward to working with my colleagues on these very important issues.”
H. R. 1037 The Banking Transparency for Sanctioned Persons Act
This bill requires the Treasury Secretary to submit a semi-annual report regarding financial services for state sponsors of terrorism and puts foreign banks on alert that Congress will be watching their dealings with human rights abusers and corrupt officials.
H. R. 1038 Requires Treasury take a more prominent role in coordinating AML / CFT policy and examinations and for other purposes
This bill requires the Department of the Treasury, through FinCEN, to establish and make public its priorities for money laundering and anti-terrorism. These priorities will form the basis for how financial institutions are examined for compliance with the BSA and other AML and CFT regulations. This creates a more efficient system and makes law enforcement and national security experts more involved in supervising anti-money laundering and criminal financing of terrorism.
H.R. 1039 Streamlines requirements for SAR/CTR reporting:
This bill requires the Secretary of the Treasury to review SAR/CTR (Suspicious Activity Report and Currency Transaction Report) requirements and propose changes that help law enforcement and financial institutions combat money laundering and create a more efficient compliance system.
H.R. 1036 The Preserving Access to Rural Installment Transaction for Years Act
This bill improves access to safe and affordable housing for people in rural communities and promotes safe seller financing transactions.