Combatting Money Laundering in Cyber Crime Act of 2025
Summary
The Combatting Money Laundering in Cyber Crime Act of 2025 aims to strengthen the United States Secret Service's authority to investigate crimes related to digital asset transactions and counter transnational cyber criminal activity. This includes unlicensed money transmitting businesses, structured transactions, and fraud against financial institutions. The bill also amends sections of title 18 and title 31 of the United States Code, as well as the Otto Warmbier North Korea Nuclear Sanctions and Enforcement Act of 2019.
Expected Effects
The Act will expand the Secret Service's investigative powers, particularly in the realm of digital assets and cybercrime. It also extends the timeframe for certain FinCEN (Financial Crimes Enforcement Network) information sharing provisions. A report from the Government Accountability Office (GAO) will evaluate the effectiveness of law enforcement in deterring money laundering in cybercrimes.
Potential Benefits
- Enhanced ability to investigate and prosecute cybercrimes related to money laundering.
- Increased protection for financial institutions against fraud involving digital assets.
- Improved interagency cooperation through extended FinCEN exchange provisions.
- Stronger measures against transnational cyber criminal activity.
- Greater accountability through a GAO report on the implementation of anti-money laundering measures.
Potential Disadvantages
- Potential for increased surveillance and data collection, raising privacy concerns.
- Risk of overreach by law enforcement in the digital asset space.
- Possible compliance burdens for businesses dealing with digital assets.
- The act may not be effective enough to deter sophisticated cyber criminals.
- Potential for unintended consequences due to the complexity of digital asset transactions.
Constitutional Alignment
The Act's focus on combating financial crimes aligns with the government's power to regulate commerce and provide for the general welfare, as outlined in Article I, Section 8 of the Constitution. The expansion of investigative powers must be balanced against the Fourth Amendment's protection against unreasonable searches and seizures. The requirement for a GAO report ensures accountability and oversight, which is consistent with the principle of checks and balances.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).