H.R. 6988: Trade Transparency Unit Strategy Act

This bill is known as the Trade Transparency Unit Strategy Act. Its primary purpose is to enhance the capabilities and effectiveness of Trade Transparency Units (TTUs), which are tools used to combat money laundering and financial crimes on an international scale.

Key Provisions

• Recognition of the Importance of Trade Transparency Units: The bill acknowledges that TTUs play a crucial role in both bilateral and multilateral efforts to identify and disrupt money laundering networks.
• Development of a Strategy: Within 180 days of the bill's enactment, the Secretary of Homeland Security, in coordination with the Secretaries of State, Commerce, and Treasury, is required to develop and submit a strategy. This strategy aims to:
  • Enhance information sharing among U.S. Customs and Border Protection, Homeland Security Investigations, relevant parts of the Department of Commerce, the Financial Crimes Enforcement Network, and foreign customs agencies.
  • Improve information sharing and collaboration between various U.S. agencies and their international counterparts regarding TTUs.
• Report from the Comptroller General: Following the submission of the strategy, the Comptroller General of the United States must provide a report within 180 days. This report will assess the effectiveness and comprehensiveness of the developed strategy.
• Definition of Appropriate Congressional Committees: The bill specifies which congressional committees are considered "appropriate" for the purposes of oversight and reporting. This includes committees from both the House of Representatives and the Senate that focus on homeland security, foreign affairs, and financial matters.

Overall Goal

The overarching goal of the Trade Transparency Unit Strategy Act is to establish a more coordinated and effective approach in using TTUs to prevent and combat international money laundering and related financial crimes. By improving information sharing and collaboration among various agencies and international partners, the bill seeks to enhance the overall integrity and security of trade and financial systems.

Implementation Timeline

The bill outlines specific timelines for the development and assessment of the strategy, emphasizing the urgency of enhancing trade transparency efforts against financial crimes.

Relevant Companies

None found