Gun Violence Prevention Through Financial Intelligence Act

This bill, titled the Gun Violence Prevention Through Financial Intelligence Act, would require the Financial Crimes Enforcement Network (FinCEN) to develop an advisory for financial institutions on how homegrown violent extremists and other domestic terrorists obtain firearms and firearm accessories, and on how the U.S. firearms market can be exploited to enable gun violence. To build this advisory, FinCEN would request information from financial institutions within one year, using a process similar to how suspicious-activity reporting works under current law, and after consulting with the FBI, the Justice Department’s ATF, and firearm sellers. If sufficient information is gathered within 540 days, FinCEN must issue the advisory; if not, FinCEN would provide a detailed report to key Senate and House committees describing what information was collected and what barriers exist. The bill also requires FinCEN to establish key definitions (e.g., firearm accessory, homegrown violent extremist, lone wolf, lone actor) through rulemaking within 90 days of enactment. In short, the bill aims to leverage financial intelligence to identify red flags and reporting practices related to how firearms are procured by extremists and how the firearms market supports violence, with a structured process, consultation with law enforcement and industry, and defined terms to guide the effort.