text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Anti-terrorism Information Sharing 
  Is Strength Act''.
  
  SEC. 2. INFORMATION SHARING.
  
      (a) In General.--Section 314 of the USA PATRIOT Act (31 U.S.C. 5311 
  note) is amended--
              (1) in subsection (b)--
                      (A) by striking ``terrorist or money laundering 
                  activities'' and inserting ``terrorist acts, money 
                  laundering activities, or a specified unlawful activity 
                  (as defined under section 1956(c)(7) of title 18, 
                  United States Code)''; and
                      (B) by striking ``activities that may involve 
                  terrorist acts or money laundering activities'' and 
                  inserting ``activities that may involve terrorist acts, 
                  money laundering activities, or a specified unlawful 
                  activity''; and
              (2) in subsection (c), by inserting ``or a specified 
          unlawful activity (as defined under section 1956(c)(7) of title 
          18, United States Code)'' after ``terrorist acts or money 
          laundering activities''.
      (b) Update to Regulations.--Section 314(a) of the USA PATRIOT Act 
  (31 U.S.C. 5311 note) is amended by striking ``or money laundering 
  activities'' each place such term appears and inserting ``, money 
  laundering activities, or a specified unlawful activity (as defined 
  under section 1956(c)(7) of title 18, United States Code)''.
      (c) Sense of Congress.--Section 314 of the USA PATRIOT Act (31 
  U.S.C. 5311 note) is amended by adding at the end the following:
      ``(e) Sense of Congress.--It is the sense of the Congress that, in 
  furtherance of efforts to stop the financing of terror and other forms 
  of illicit financing through increased sharing of information, and 
  consistent with the need to prevent inappropriate dissemination of such 
  information--
              ``(1) Federal law enforcement agencies and regulators 
          should share information about terrorist activities, money 
          laundering activities, and other specified unlawful activities 
          (as defined under section 1956(c)(7) of title 18, United States 
          Code) to the fullest extent possible and in a timely fashion; 
          and
              ``(2) financial institutions, including nonbank financial 
          institutions, should share information about such acts and 
          activities with each other to the fullest extent possible and 
          in a timely fashion.''.
  
  SEC. 3. DISCLOSURE LIABILITY.
  
      Section 5318(g)(3)(B) of title 31, United States Code, is amended--
              (1) in clause (i), by striking ``or'' at the end;
              (2) in clause (ii), by striking the period and inserting 
          ``; or''; and
              (3) by adding at the end the following:
                              ``(iii) any duty or requirement of a 
                          financial institution or any director, officer, 
                          employee, or agent of such institution to 
                          demonstrate to any person, as used in such 
                          subparagraph, that a disclosure referenced in 
                          such subparagraph is made in good faith.''.
  
  SEC. 4. REPORT TO CONGRESS.
  
      (a) In General.--Not later than the end of the 120-day period 
  beginning on the date of the enactment of this Act, the Secretary of 
  the Treasury shall report to the Committee on Financial Services of the 
  House of Representatives and the Committee on Banking, Housing, and 
  Urban Affairs of the Senate regarding--
              (1) the Department of the Treasury's assessment of the 
          risks and benefits of allowing sharing of information, 
          consistent with appropriate privacy protections--
                      (A) between United States financial institutions 
                  and foreign financial institutions;
                      (B) between United States financial institutions 
                  and their foreign subsidiaries; and
                      (C) between United States subsidiaries of foreign 
                  financial institutions and their parent financial 
                  institutions; and
              (2) whether a financial institution defined under section 
          5312(a)(2) of title 31, United States Code, that is not 
          required under Treasury regulations on the date of the 
          enactment of this Act to maintain an anti-money laundering 
          program, should be authorized to appropriately share 
          information pursuant to subsection (b) of section 314 of the 
          USA PATRIOT Act, if--
                      (A) the financial institution voluntarily 
                  establishes and maintains such an anti-money laundering 
                  program;
                      (B) such program is subject to examination, and has 
                  been examined, by the appropriate regulator; and
                      (C) the Secretary determines such program to be 
                  adequately operating.
      (b) Separate Presentation of Classified Material.--Any part of the 
  report described under subsection (a) that involves information which 
  is properly classified under criteria established by the President 
  shall be submitted to the committees described under subsection (a) 
  separately in a classified annex and, if requested by the chairman or 
  ranking Member of one of such committees, as a briefing at an 
  appropriate level of security.
  
  SEC. 5. RULEMAKING.
  
      Not later than the end of the 180-day period beginning on the date 
  of the enactment of this Act, the Secretary of the Treasury shall issue 
  regulations to be consistent with the amendments made by this Act.
target: Anti-terrorism Information Sharing Is Strength Act This bill amends the USA PATRIOT Act to allow two or more financial institutions and any association of financial institutions, upon notice provided to the Department of the Treasury, to share information with one another regarding individuals, entities, organizations, and countries suspected of the unlawful activity the proceeds of which form the basis of a money laundering offense. A financial institution or association that transmits, receives, or shares such information to identify and report this activity shall not be liable to any person for such disclosure or for any failure to provide notice of it to the subject, or any other person identified in the disclosure, except where the transmission, receipt, or sharing violates the Act or regulations promulgated under it.  The bill expresses the sense of Congress concerning the need for federal law enforcement agencies and regulators, as well as financial institutions, to share information about terrorist activities, money laundering activities, and unlawful activities to the fullest extent possible and in a timely fashion.
feat_title: Anti-terrorism Information Sharing Is Strength Act