EXPANDED REPORTING AND TESTIMONY REQUIREMENTS FOR THE SECRETARY OF THE TREASURY.

SEC. 7703. EXPANDED REPORTING AND TESTIMONY REQUIREMENTS FOR THE SECRETARY OF THE TREASURY.(a) Reporting Requirements.—Section 1503(a) of the International Financial Institutions Act (22 U.S.C. 262o–2(a)) is amended by adding at the end the following:“(15) Work with the International Monetary Fund to—“(A) foster strong global anti-money laundering (AML) and combat the financing of terrorism (CFT) regimes;“(B) ensure that country performance under the Financial Action Task Force anti-money laundering and counterterrorist financing standards is effectively and comprehensively monitored; “(C) ensure note is taken of AML and CFT issues in Article IV reports, International Monetary Fund programs, and other regular reviews of country progress;“(D) ensure that effective AML and CFT regimes are considered to be indispensable elements of sound financial systems; and“(E) emphasize the importance of sound AML and CFT regimes to global growth and development.”.(b) Testimony.—Section 1705(b) of the International Financial Institutions Act (22 U.S.C. 262r–4(b)) is amended—(1) in paragraph (2), by striking “and” at the end;(2) in paragraph (3), by striking the period at the end and inserting “; and”; and(3) by adding at the end the following:“(4) the status of implementation of international anti-money laundering and counterterrorist financing standards by the International Monetary Fund, the multilateral development banks, and other multilateral financial policymaking bodies.”.