S. 1241: Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017

115th Congress · introduced 2017-05-25 · Crime and Law Enforcement · Latest: Committee on the Judiciary. Hearings held.

federal

Follow this bill, step by step

Where it came from: introduced 2017-05-25 · official record
Who proposed it: Sen. Grassley, Chuck [R-IA] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Committee on the Judiciary. Hearings held. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017

Plain summary

Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 This bill modifies various prohibitions on money laundering. It requires that for certain reporting requirements, a blank check shall be considered to have a value of more than $10,000 if it was drawn on an account that contained more than $10,000. Whoever violates a currency smuggling law is subject to fines, which may be enhanced in aggravated cases. Commingled funds and aggregated transactions can be counted towards the value requirement for offenses involving prohibited monetary transactions derived from specified unlawful activity. Persons who conspire to violate the prohibition against unlicensed money services businesses shall be subject to the same penalty as the underlying offense. This bill establishes various criminal offenses pertaining to money services businesses. It shall be a federal offense to conduct certain financial transactions that involve the proceeds of specified unlawful activity. If a person is charged with an offense under the federal criminal code, title 31, or the Controlled Substances Act for which forfeiture is authorized, the government may apply for an ex parte order freezing the person's bank accounts. The international money laundering statute shall apply to tax evasion. The Department of the Treasury or the Department of Justice may issue a subpoena to any foreign bank that maintains a correspondent account in the United States. The bill makes it unlawful to knowingly conceal to a financial institution a material fact concerning the ownership of an account with a financial institution.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Grassley, Chuck [R-IA] · 5 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

John Cornyn (R-TX), Sheldon Whitehouse (D-RI), Amy Klobuchar (D-MN)

Sponsor's campaign money: Sen. Grassley, Chuck [R-IA] reported raising $527,998 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Statute: A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-115s1241.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/115/s>

Record fed-us-cong115-s1241 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115