S 3643
Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2024
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Bill overview
The Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2024 aims to strengthen efforts to combat illicit financial activities. It expands penalties for money laundering offenses, particularly those involving commingled funds and structured transactions, and addresses the use of hawalas and informal value transfer systems. The bill also seeks to enhance the Secret Service’s authority to investigate money laundering, clarifies regulations for money services businesses, and strengthens measures against counterfeiting. Finally, it mandates a threat analysis of remittances and a corresponding strategy to mitigate risks associated with their use in illicit financing.
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