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1 1 (October 16, 2019)

handle is hein.congrec/cbocntrac0001 and id is 1 raw text is: Congressional Budget Office \ /Cost Estimate October 16, 2019 By Fiscal Year, Millions of Dollars 2020 2020-2024 2020-2029 Direct Spending (Outlays) 1 11 28 Revenues Deficit Effect 19 -18 104 -93 226 -198 The bill would * Require the Financial Crimes Enforcement Network (FinCEN) to take steps to improve its communications with financial institutions and coordinate with federal financial regulators * Require training for federal financial examiners in enforcing laws aimed at money laundering and the financing of terrorism * Require federal financial regulators to establish innovation labs * Reauthorize the International Affairs Technical Assistance office in the Department of the Treasury * Establish a new FinCEN whistleblower program for the Bank Secrecy Act (BSA) * Prohibit violators of the BSA from deducting attorney's fees and court costs on their tax returns * Direct the Department of the Treasury to issue several rules that would impose mandates on private entities Estimated budgetary effects would primarily stem from * Additional actions required of FinCEN and federal financial regulators * Increased fees and assessments paid to federal regulatory agencies * An increase in tax liability by prohibiting deductions of attorney's fees for violators of the BSA Detailed estimate begins on the next page.

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