H. Rept. 115-905 1 (2018-08-24)

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                   115TH CONGRESS                                     REPORT
                      2d Session    HOUSE OF REPRESENTATIVES          115-905





                        IMPROVING STRATEGIES TO COUNTER WEAPONS
                                       PROLIFERATION ACT


                    AUGUST 24, 2018.-Committed to the Committee of the Whole House on the State
                                    of the Union and ordered to be printed


                      Mr. HENSARLING, from the Committee on Financial Services,
                                       submitted the following

                                          REPORT

                                        [To accompany H.R. 6332]
                            [Including cost estimate of the Congressional Budget Office]
                     The Committee on Financial Services, to whom was referred the
                   bill (H.R. 6332) to require the Director of the Financial Crimes En-
                   forcement Network to submit a report to Congress on the way in
                   which data collected pursuant to title 31 is being used, and for
                   other purposes, having considered the same, report favorably there-
                   on without amendment and recommend that the bill do pass.
                                       PURPOSE AND SUMMARY
                     On July 12, 2018, Representative Scott Tipton introduced H.R.
                   6332, the Improving Strategies to Counter Weapons Proliferation
                   Act. The legislation would require the Financial Crime Enforce-
                   ment Network (FinCEN) to report to Congress annually for five
                   years on the intelligence products it generates from Bank Secrecy
                   Act (BSA) filings on proliferation finance transactions moving
                   through the U.S. financial system; its collaboration with law en-
                   forcement agencies, the Intelligence Community, and foreign finan-
                   cial intelligence units; and on its advisory reports issued to finan-
                   cial institutions to make maximum use of BSA data.
                               BACKGROUND AND NEED FOR LEGISLATION
                     H.R. 6332 amends Section 310 of title 31, United States Code, to
                   require the Director of the Financial Crime Enforcement Network
                   (FinCEN) to report to Congress annually for five years on the fi-
                   nancing of weapons proliferation and to provide guidance to finan-
                   cial institutions on how to best identify procurement patterns and
                      79-006

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