S. 691Senate118th Congress (2023-2025)In Committee

Taylor Force Martyr Payment Prevention Act of 2023

Sponsored by Tom CottonSen. Tom Cotton (R-AR)
Introduced March 7, 2023

AI-Generated Summary

Updated January 20, 2026 at 4:23 AM UTC

The Taylor Force Martyr Payment Prevention Act of 2023 aims to stop foreign banks from helping terrorist groups by cutting off their ability to use U.S. correspondent accounts. It directs the Treasury Secretary to label any foreign financial institution that knowingly provides banking services to designated terrorist entities as a primary money‑laundering concern and to prohibit those institutions from maintaining or using correspondent accounts in the United States. The law amends existing anti‑money‑laundering rules to add these criteria.

Key Provisions

  • Treasury Secretary must identify foreign financial institutions that violate anti‑terrorism financial regulations as primary money‑laundering concerns.
  • Prohibits identified foreign institutions from maintaining or using correspondent accounts in the United States.
  • Amends 31 U.S.C. §5318A to include factors such as providing services to entities listed under relevant Treasury regulations and facilitating payments for acts of terrorism.

Legislative Activity

Stay on top of the latest movement without scrolling through every action

1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S671-672)

March 7, 2023

View full timeline
SenateIntro Referral

Introduced in Senate

March 7, 2023

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S671-672)

March 7, 2023

Floor Debate

2 members

What members said about S. 691 on the floor

1 Republican1 Democrat
Tom Cotton
Sen. Tom CottonR-AR · Mar 7, 2023

Madam President, there is one foreign leader for whom the Democratic Party seems to reserve special scorn. Leading Democrats have called him a reactionary, a racist, an ethnonationalist. They have…

Tom Cotton
Sen. Tom CottonR-AR · Mar 7, 2023

Madam President, there is one foreign leader for whom the Democratic Party seems to reserve special scorn. Leading Democrats have called him a reactionary, a racist, an ethnonationalist. They have…

Alex Padilla
Sen. Alex PadillaD-CA · Mar 7, 2023

Madam President, I rise to introduce the Berryessa Snow Mountain National Monument Expansion Act. This legislation would expand the Berryessa Snow Mountain National Monument to include approximately…

Tom Cotton
Sen. Tom CottonR-AR · Mar 7, 2023

I yield the floor.

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued March 7, 2023

II

118th CONGRESS

1st Session

S. 691

IN THE SENATE OF THE UNITED STATES

March 7, 2023

Mr. Cotton (for himself, Mrs. Blackburn, Mr. Braun, Mr. Cramer, Mr. Cruz, Mr. Daines, Mr. Graham, Mr. Grassley, Mr. Hagerty, Mr. Hoeven, Mrs. Hyde-Smith, Mr. Lankford, Mr. Marshall, Mr. Rubio, Mr. Scott of Florida, Mr. Thune, Mr. Wicker, and Mr. Young) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To deter foreign financial institutions from providing banking services for the benefit of foreign terrorist organizations and from facilitating or promoting payments for acts of terrorism.

1.

Short title

This Act may be cited as the Taylor Force Martyr Payment Prevention Act of 2023.

2.

Findings; sense of Congress

(a)

Findings

Congress makes the following findings:

(1)

Banks in nominally friendly jurisdictions evade United States anti-terrorism sanctions by avoiding an official presence in the United States, and continue to knowingly provide banking services, including dollar-denominated transactions, for terrorist organizations that target United States nationals for murder.

(2)

Such flouting of anti-terrorism financial regulations is only possible through the maintenance or use of correspondent accounts at United States banks for the benefit of terrorist organizations.

(b)

Sense of Congress

It is the sense of Congress that under authority granted by section 5318A of title 31, United States Code, as amended by section 3, the Secretary of the Treasury should—

(1)

find foreign financial institutions that flout anti-terrorism financial regulations to be of primary money laundering concern; and

(2)

prohibit the maintenance or use of correspondent accounts in the United States by such institutions.

3.

Consideration of facilitation of terrorism in designating institutions, accounts, and transactions as of primary money laundering concern

Section 5318A(c)(2)(B) of title 31, United States Code, is amended—

(1)

in the matter preceding clause (i), by striking all 3 and inserting all of the preceding;

(2)

in clause (ii), by striking ; and and inserting a semicolon; and

(3)

by adding at the end the following:

(iv)

notwithstanding clause (ii), the extent to which such institutions knowingly provide, or cause other financial institutions to provide, financial services (including personal banking services) to the entity described in subsection (a) of section 594.319 of title 31, Code of Federal Regulations (or a successor regulation), or persons described in subsection (b) of that section; and

(v)

the extent to which such institutions, transactions, or types of accounts are used to facilitate or promote payments for acts of terrorism described in section 1004(a)(1)(B) of the Taylor Force Act (22 U.S.C. 2378c–1(a)(1)(B)).

.