Combating Cross-border Financial Crime Act of 2023

The Combating Cross-border Financial Crime Act of 2023 establishes a Cross-Border Financial Crime Center within Homeland Security to combat trade-based money laundering and other illicit cross-border financial activity. The Center will coordinate with federal agencies like Treasury, Justice, and State, as well as state and local law enforcement, to share information, provide training, and develop metrics to improve enforcement of anti-money laundering laws. It also creates Trade Transparency Units to work with foreign countries on information sharing and combating money laundering through trade channels. The bill authorizes $6.2 million for the Center in fiscal year 2024, with additional funding for subsequent years, and requires annual reports to Congress on trends and enforcement activities.