118th Congress · HOUSE BILLBILL

H.R. 1408 — Taylor Force Martyr Payment Prevention Act of 2023

“To deter foreign financial institutions from providing banking services for the benefit of foreign terrorist organizations and from facilitating or promoting payments for acts of terrorism.”

Finance and financial sector

Introduced Mar 7, 2023

Last action Mar 7, 2023

Pipeline · Bill → Law

Step 1

Introduced

Mar 7, 2023

Step 2

Referred

Mar 7, 2023

Financial Services

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill expands the institutional factors the Department of the Treasury must consider when making a finding that a foreign financial institution is of primary money laundering concern and is therefore subject to special measures, including the prohibition of opening or maintaining correspondent accounts in U.S financial institutions. Specifically, Treasury must consider (1) the extent to which an institution knowingly provides financial services to Hamas, or to an agent of Hamas; and (2) the extent to which an institution, transaction, or type of account is used to facilitate or promote payments for certain acts of terrorism against U.S. and Israeli citizens.

Provisions · 3 sectionsIntroduced in House

Timeline · 2 actions

Mar 7, 2023

Introduced in House

Mar 7, 2023

Referred to the House Committee on Financial Services.