H.R. 2514: COUNTER Act of 2019
CBO Score
$90 million
Documentation
Date of Report
Mon October 28th, 2019
Notes
Fees (removed from estimate); Disc est comes from 10/16/19 score; this version eliminates sections on Training for examiners on AML/CFT and Prohibition on tax deductions for attorney’s fees related to Bank Secrecy Act settlements and court costs
CBO Report Details
Legislation Details
116th Congress
To make reforms to the Federal Bank Secrecy Act and anti-money laundering laws, and for other purposes.
Sponsor: Rep. Emanuel Cleaver — D — MO
Requires the Financial Crimes Enforcement Network (FinCEN) to take steps to improve its communications with financial institutions and coordinate with federal financial regulators; requires training for federal financial examiners in enforcing laws aimed at money laundering and the financing of terrorism; requires federal financial regulators to establish innovation labs; reauthorizes the International Affairs Technical Assistance office in the Department of the Treasury; establishes a new FinCEN whistleblower program for the Bank Secrecy Act (BSA); prohibits violators of the BSA from deducting attorney’s fees and court costs on their tax returns; and directs the Department of the Treasury to issue several rules that would impose mandates on private entities.
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