99TH CONGRESS 1ST SESSION H. R. 3892 To amend title 31, United States Code, to strengthen certain currency reporting requirements, and for other purposes. IN THE HOUSE OF REPRESENTATIVES DECEMBER 10, 1985 Mr. WORTLEY introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs I A BILL To amend title 31, United States Code, to strengthen certain currency reporting requirements, and for other purposes. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 SECTION 1. FINANCIAL INSTITUTIONS AND MONETARY IN 4 5 STRUMENTS. Section 5312(a) of title 31, United States Code, is 6 amended (1) in paragraph (2) (defining financial institu 7 8 tions)— 2 (A) by redesignating subparagraphs (T) and (U) as subparagraphs (U) and (V), respectively; and (B) by inserting after subparagraph (S) the following new subparagraph: "(T) any foreign subsidiary or affiliate of any entity described in this paragraph;"; and (2) in paragraph (3) (defining monetary instruments) (A) by striking out "and" at the end of subparagraph (A); (B) by striking out the period at the end of subparagraph (B) and inserting in lieu thereof and"; and (C) by adding at the end thereof the follow ing new subparagraph: "(C) as the Secretary may prescribe by regu lation, any transfer of funds.". 19 SEC. 2. RESTRICTIONS ON EXEMPTIONS. 20 Section 5318(3) of title 31, United States Code, is 21 amended by inserting after "prescribed under this subchap22 ter" the following: ", except that the Secretary shall review 23 each exemption not less than once during each calendar year 24 and in any case in which there is a change in management or 25 control of a financial institution, the Secretary shall review 3 1 any exemption involved not later than 30 days after the date 2 on which such change in management or control occurs". 3 SEC. 3. CHANGE IN BANK CONTROL ACT AND CHANGE IN SAV 4 5 INGS AND LOAN CONTROL ACT AMENDMENTS. (a) The second sentence of section 7(j)(1) of the Federal 6 Deposit Insurance Act (12 U.S.C. 1817(j)(1)) is amended— (1) by striking out "or that" and inserting in lieu thereof ", that"; and 7 8 9 10 11 12 13 14 (2) by adding before the period at the end thereof the following: ", or that additional time is needed to assure that all persons involved will comply with sub chapter II of title 31, United States Code (relating to records and reports on monetary instruments transactions)". 15 (b) The second sentence of section 407(q)(1) of the Na16 tional Housing Act (12 U.S.C. 1730(q)(1)) is amended— 17 18 19 20 21 22 23 24 (1) by striking out "or that" and inserting in lieu thereof ", that"; and (2) by adding before the period at the end thereof the following: ", or that additional time is needed to assure that all persons involved will comply with sub chapter II of title 31, United States Code (relating to records and reports on monetary instruments transactions)". 4 1 SEC. 4. PROCEEDS OF ILLEGAL ACTS AVAILABLE TO COMBAT 2 3 MONEY LAUNDERING. Amounts in the general fund of the Treasury which are 4 attributable to the proceeds of (1) monetary instruments (as defined by section 5312(a)(3) of title 31, United States Code), and 5 6 7 8 (2) deposits or accounts in any depository institution (as defined by subparagraph (A) of section 19(b)(1) 9 of the Federal Reserve Act (12 U.S.C. 461(b)(1)(A))), 10 which were declared forfeited to the United States under any 11 law of the United States authorizing the forfeiture and sei12 zure of the proceeds from any unlawful act shall be available, 13 as provided by appropriation Acts, to the Secretary of the 14 Treasury (and such other head of a law enforcement agency 15 of the United States as the Congress may provide) for the 16 purpose of enforcing the provisions of subchapter II of title 17 31, United States Code (relating to records and reports on 18 monetary instruments transactions). 99TH CONGRESS 2D SESSION H.R. 4280 To amend title 31, United States Code, to establish new recordkeeping and reporting requirements in order to combat money laundering, and for other purposes. IN THE HOUSE OF REPRESENTATIVES FEBRUARY 28, 1986 Mr. TORRES (for himself and Mr. ST GERMAIN) introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs A BILL To amend title 31, United States Code, to establish new recordkeeping and reporting requirements in order to combat money laundering, and for other purposes. 1 Be it enacted by the Senate and House of Representa 2 tives of the United States of America in Congress assembled, 3 4 SECTION 1. SHORT TITLE. 5 This Act may be cited as the "Money Laundering Pre 6 vention Act of 1986". |