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Entitled: the "Money Laundering Prevention Act of 1986”.

IN THE HOUSE OF REPRESENTATIVES

APRIL 15, 1986 Mr. PICKLE (for himself and Mr. SCHULZE) introduced the following bill; which

was referred jointly to the Committees on Banking, Finance and Urban Affairs and Ways and Means

A BILL Entitled: the “Money Laundering Prevention Act of 1986”.

1

Be it enacted by the Senate and House of Representa

2 tives of the United States of America in Congress assembled,

3 That the Bank Secrecy Act (31 U.S.C. 5311 et seq.) is

4 amended as follows:

5

SECTION 1. Section 5313 of title 31 of the United

6 States Code is amended by adding to the end of subsection (a)

7 a sentence which reads as follows: “No person shall cause or

8 attempt to cause a domestic financial institution to fail to file

9 a report required by this subsection, shall cause or attempt to 10 cause a domestic financial institution to file a report required

11 by this subsection that contains a material omission or mis

2

1 statement of fact, or shall structure or assist in structuring a 2 transaction for the purpose of evading the reporting require

3 ments of this subsection.”.

4

SEC. 2. Section 5317 of title 31 of the United States

5 Code is amended by

6

(1) revising the first sentence of section 5317(c) of title

7 31 of the United States Code to read as follows:

8 “(c) A monetary instrument being transported, or which 9 has been transported, or any interest in any property, includ10 ing any deposit in a financial institution, traceable to such

11 instrument, may be seized and forfeited to the United States

12 Government when a report on the instrument under section

13 5316 of this title has not been filed or contains a material

14 omission or misstatement.”.

15

(2) adding a new subsection (d) which reads as follows:

16 “(d) United States coin or currency (or other such mone17 tary instrument as the Secretary may prescribe) or any inter18 est in other property, including any deposit in a financial in19 stitution, traceable to such coin or currency involved in a 20 transaction or attempted transaction in violation of section 21 5313(a) of this chapter may be seized and forfeited to the

22 United States Government under the procedures of subchap

23 ter C of chapter 75 of title 26 of the United States Code

24 whenever a person (excluding a domestic financial institution

25 examined by a Federal bank supervisory agency or a finan

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3

1 cial institution regulated by the Securities and Exchange

2 Commission liable under subsection 5312(a) of this chapter)

3 violates section 5313(a) of this chapter. No property or inter

4 est in property shall be forfeited under this subsection if it can

5 be established that the owner is a bona fide purchaser for

6 value who took without notice of the violation or if the

7 violation or attempted violation of section 5313(a) was not

8 willful.".

9

SEC. 3. Section 5321 of title 31 of the United States

10 Code is amended by11

(1) adding to subsection (a) a new paragraph (4)

12

to read as follows:

13

“(a)(4) The Secretary may impose a civil penalty on a 14 person or persons (excluding a domestic financial institution 15 examined by a Federal bank supervisory agency or a finan16 cial institution regulated by the Securities and Exchange 17 Commission) willfully violating section 5313(a) of this chap18 ter. A civil penalty under this paragraph may not be more 19 than the amount of the United States coins and currency (or

20 other monetary instruments the Secretary may prescribe) for 21 which a report was required under section 5313(a) of this 22 chapter. A civil penalty under this paragraph is reduced by 23 an amount forfeited under section 5317(d) of this title.”.

24

(2) deleting “or (2)” from subsection (b) and

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1

(3) deleting “5317(b)” in subsection (c) and

2

adding in lieu thereof “5317(c) or (d)” and by deleting

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4

SEC. 4. Section 7302 of title 26 of the United States

5 Code is amended by deleting “such property” in the second 6 sentence and inserting in lieu thereof "property under this 7 section and under the forfeiture provisions of title 31 of the 8 United States Code enforced or administered by the Internal

9 Revenue Service” and by adding “or under the provisions of

10 title 31 of the United States Code enforced or administered

11 by the Internal Revenue Service" after "section" in the

12 fourth sentence.

13

SEC. 5. Section 7321 of title 26 of the United States

14 Code is amended by adding “or under any provision of title 15 31 of the United States Code enforced or administered by the 16 Internal Revenue Service” immediately following “title”.

17

SEC. 6. Section 7327 of title 26 of the United States

18 Code is amended by inserting immediately following “inter19 nal revenue laws", the following: “or under provisions en20 forced or administered by the Internal Revenue Service

21 under title 31 of the United States Code, to the extent not

22 inconsistent with the provisions of title 31.".

23

SEC. 7. Section 7608(b) of title 26 of the United States

24 Code is amended by adding “or any provision of title 31 of 25 the United States Code enforced or administered by the In

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1 ternal Revenue Service” immediately following “responsi

2 ble” in paragraph (1) and immediately following “the internal 3 revenue laws" in paragraph (2)(C).

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