United States of America: Introduced Combatting Money Laundering in Cyber Crime Act 2024 (SB 4830)

On 29 July 2024, the Combatting Money Laundering in Cyber Crime Act 2024 (SB 4830) was introduced to the Senate. The Act aims to give new powers to the United States Secret Service to enable the investigation of crimes related to digital asset transactions and transnational cyber criminal activities. In particular, these activities include unlicensed money-transmitting businesses, structured transactions, and fraud against financial institutions. Furthermore, the Act expands the investigative authorities of the Secret Service by amending Section 3056(b) of Title 18, US Code, to include crimes related to structured transactions and digital assets. In particular, this expansion aims to enhance the Secret Service's ability to address complex financial crimes in the digital era. Moreover, the Act extends the FinCEN Exchange program from five years to ten years, allowing for prolonged collaboration between financial institutions and law enforcement in combating financial crimes. In addition, the Act amends the Otto Warmbier North Korea Nuclear Sanctions and Enforcement Act of 2019, extending certain sanctions from six years to ten years. Furthermore, the Act mandates the Government Accountability Office (GAO) to conduct a study and report to Congress within a year on the implementation of Section 6102 of the Anti-Money Laundering Act of 2020.