S. 3608: Trade Transparency Unit Strategy Act

This bill, titled the Trade Transparency Unit Strategy Act, aims to create a more effective strategy for using Trade Transparency Units. These units serve as tools for identifying and disrupting international money laundering activities. Here is a breakdown of the key components of the bill:

Purpose

The primary goal of this legislation is to enhance the capability of U.S. government agencies to tackle money laundering through improved transparency in international trade.

Strategy Development

The bill requires the Secretary of Homeland Security, along with other key agencies (Secretary of State, Secretary of Commerce, and Secretary of the Treasury), to develop and submit a strategy within 180 days of the bill’s enactment. The strategy must focus on:

• Expanding Information Sharing: This includes enhancing cooperation between U.S. Customs and Border Protection, Homeland Security Investigations, the Department of Commerce, the Financial Crimes Enforcement Network, and relevant foreign customs agencies.
• Improving Multilateral Collaboration: The strategy should also enhance information-sharing practices among various U.S. agencies and international partners regarding Trade Transparency Units.

Report Requirement

Following the submission of the strategy, the Comptroller General of the United States is tasked with providing an assessment of this strategy within 180 days. This report is intended to evaluate the effectiveness and potential impacts of the proposed actions.

Documentation

The strategy developed is to be submitted in unclassified form, although it may include a classified annex if necessary, ensuring that sensitive information can still be protected while making the general framework available for oversight.

Defined Congressional Committees

The bill specifies which congressional committees will oversee the implementation of the strategy, which includes both the House of Representatives and the Senate committees focused on Homeland Security, Foreign Affairs, and Finance.

Relevant Companies

None found.