Summary: H.R.5606 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.5606. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/28/2016)

Anti-terrorism Information Sharing Is Strength Act

This bill amends the USA PATRIOT Act to allow two or more financial institutions and any association of financial institutions, upon notice provided to the Department of the Treasury, to share information with one another regarding individuals, entities, organizations, and countries suspected of the unlawful activity the proceeds of which form the basis of a money laundering offense.

A financial institution or association that transmits, receives, or shares such information to identify and report this activity shall not be liable to any person for such disclosure or for any failure to provide notice of it to the subject, or any other person identified in the disclosure, except where the transmission, receipt, or sharing violates the Act or regulations promulgated under it.

The bill expresses the sense of Congress concerning the need for federal law enforcement agencies and regulators, as well as financial institutions, to share information about terrorist activities, money laundering activities, and unlawful activities to the fullest extent possible and in a timely fashion.