Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2024

This bill strengthens U.S. laws against money laundering, terrorist financing, and counterfeiting by increasing penalties for certain offenses, clarifying legal definitions, and creating new requirements for money services businesses. It specifically targets informal financial systems like hawalas, imposes stricter rules on blank checks in bearer form, and expands the definition of money laundering to include tax evasion. The bill requires a threat analysis of remittance systems used for illicit purposes and establishes a strategy to disrupt criminal use of these systems. It affects financial institutions, money services businesses, and law enforcement agencies, with provisions designed to close legal loopholes and improve interagency cooperation.