Legislation directs government to improve enforcement against illegal transactions that spread weapons of mass destruction

Congresswoman Kyrsten Sinema (AZ-09) moved a step closer today to helping financial institutions, the intelligence community, and law enforcement identify and stop transactions linked to weapons proliferation. Sinema worked across the aisle with Congressman Scott Tipton (CO-03) to introduce H.R. 6332, the Improving Strategies to Counter Weapons Proliferation Act, which passed through the House Financial Services Committee.

“America must stay one step ahead of criminals, terrorists, and rogue regimes like North Korea and Iran, who are constantly changing their strategies to acquire deadly weapons and do Americans harm,”said Congresswoman Sinema.“To keep Arizona families safe, we’ve got to go after these dangerous groups where it hurts: their bank accounts. By cutting off their financing, we can help make it harder for America’s enemies to get their hands on the world’s most dangerous weapons.”

When banks encounter suspicious activity associated with weapons proliferation, they file reports with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). While these Suspicious Activity Reports (SARs) have been utilized in individual criminal and civil prosecutions, FinCEN currently doesn’t do enough to analyze suspicious patterns of activity, fully understand how weapons of mass destruction are financed, or provide key insights to financial institutions.

The legislation requires FinCEN to use SARs in collaboration with law enforcement and the intelligence community to help financial institutions counter weapons proliferation.

The bill passed the House Financial Services Committee on a unanimous bipartisan vote.

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