Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing

(a) Establishment There is established the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing (in this section referred to as the Working Group), which shall consist of the following: (1) The Secretary of the Treasury, acting through the Under Secretary for Terrorism and Financial Crimes, who shall serve as the chair of the Working Group. (2) A senior-level representative from each of the following: (A) The Department of the Treasury. (B) The Office of Terrorism and Financial Intelligence. (C) The Internal Revenue Service. (D) The Department of Justice. (E) The Federal Bureau of Investigation. (F) The Drug Enforcement Administration. (G) The Department of Homeland Security. (H) The United States Secret Service. (I) The Department of State. (J) The Office of the Director of National Intelligence. (3) At least five individuals appointed by the Under Secretary for Terrorism and Financial Crimes to represent the following: (A) Financial technology companies. (B) Blockchain intelligence companies. (C) Financial institutions. (D) Institutions or organizations engaged in research. (E) Institutions or organizations focused on individual privacy and civil liberties. (4) Such additional individuals as the Secretary of the Treasury may appoint as necessary to accomplish the duties described under subsection (b). (b) Duties The Working Group shall— (1) conduct research on terrorist and illicit use of digital assets and other related emerging technologies; and (2) develop legislative and regulatory proposals to improve anti-money laundering, counter-terrorist, and other counter-illicit financing efforts in the United States. (c) Reports (1) In general Not later than one year after the date of the enactment of this Act, and annually for the 3 years thereafter, the Working Group shall submit to the Secretary of the Treasury, the heads of each agency represented in the Working Group pursuant to subsection (a)(2), and the appropriate congressional committees a report containing the findings and determinations made by the Working Group in the previous year and any legislative and regulatory proposals developed by the Working Group. (2) Final report Before the date on which the Working Group terminates under subsection (d)(1), the Working Group shall submit to the appropriate congressional committees a final report detailing the findings, recommendations, and activities of the Working Group, including any final results from the research conducted by the Working Group. (d) Sunset (1) In general The Working Group shall terminate on the later of— (A) the date that is 4 years after the date of the enactment of this Act; or (B) the date on which the Working Group completes any wind-up activities described under paragraph (2). (2) Authority to wind up activities If there are ongoing research, proposals, or other related activities of the Working Group ongoing as of the date that is 4 years after the date of the enactment of this Act, the Working Group may temporarily continue working in order to wind-up such activities. (3) Return of appropriated funds On the date on which the Working Group terminates under paragraph (1), any unobligated funds appropriated to carry out this section shall be transferred to the Treasury.