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![handle is hein.congrecreports/crptxafvb0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-304
FOREIGN AFFILIATES SHARING PILOT PROGRAM
EXTENSION ACT
DECEMBER 11, 2023.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 5524]
The Committee on Financial Services, to whom was referred the
bill (H.R. 5524) to amend the start date of the pilot program on
sharing with foreign branches, subsidiaries and affiliates, having
considered the same, reports favorably thereon with an amendment
and recommends that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Foreign Affiliates Sharing Pilot Program Extension
Act.
SEC. 2. FOREIGN AFFILIATES SHARING PILOT PROGRAM.
Section 5318(g)(8)(B)(iii) of title 31, United States Code, is amended by striking
3 years after the date of enactment of this paragraph and inserting 3 years after
the date on which the Secretary of the Treasury issues rules pursuant to subpara-
graph (A).
PURPOSE AND SUMMARY
Introduced on September 18, 2023, by Representative Sylvia Gar-
cia, H.R. 5524, the Foreign Affiliates Sharing Pilot Program Exten-
sion Act, would change the tolling date of the referenced anti-
money laundering pilot program from three years after the date of
enactment (January 1, 2021) to three years after the date that the
Secretary of the Department of the Treasury starts the program.
BACKGROUND AND NEED FOR LEGISLATION
The foreign affiliates sharing pilot program was established in
Section 6212 of the Anti-Money Laundering Act of 2020 (AMLA
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