Preventing Illicit Finance Through Partnership Act of 2024

The Preventing Illicit Finance Through Partnership Act of 2024 establishes a 5-year pilot program to help combat illegal financial activities involving cryptocurrency. Federal agencies (including the Justice Department and Homeland Security) will share information about potential violations like money laundering or fraud with designated private companies, specifically 10 cryptocurrency businesses and 10 money services businesses (e.g., money transmitters). Designated companies must use shared information solely to identify and report illegal activities, and they are protected from legal liability for participating. The program requires the Attorney General to review and update the participating companies every six months, ending after five years.