US SB1241 | 2017-2018 | 115th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on May 25 2017 - 25% progression, died in chamber
Action: 2017-11-28 - Committee on the Judiciary. Hearings held.
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 25 2017 - 25% progression, died in chamber
Action: 2017-11-28 - Committee on the Judiciary. Hearings held.
Text: Latest bill text (Introduced) [PDF]
Summary
Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 This bill modifies various prohibitions on money laundering. It requires that for certain reporting requirements, a blank check shall be considered to have a value of more than $10,000 if it was drawn on an account that contained more than $10,000. Whoever violates a currency smuggling law is subject to fines, which may be enhanced in aggravated cases. Commingled funds and aggregated transactions can be counted towards the value requirement for offenses involving prohibited monetary transactions derived from specified unlawful activity. Persons who conspire to violate the prohibition against unlicensed money services businesses shall be subject to the same penalty as the underlying offense. This bill establishes various criminal offenses pertaining to money services businesses. It shall be a federal offense to conduct certain financial transactions that involve the proceeds of specified unlawful activity. If a person is charged with an offense under the federal criminal code, title 31, or the Controlled Substances Act for which forfeiture is authorized, the government may apply for an ex parte order freezing the person's bank accounts. The international money laundering statute shall apply to tax evasion. The Department of the Treasury or the Department of Justice may issue a subpoena to any foreign bank that maintains a correspondent account in the United States. The bill makes it unlawful to knowingly conceal to a financial institution a material fact concerning the ownership of an account with a financial institution.
Title
Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017
Sponsors
Sen. Chuck Grassley [R-IA] | Sen. Dianne Feinstein [D-CA] | Sen. John Cornyn [R-TX] | Sen. Sheldon Whitehouse [D-RI] |
Sen. Orrin Hatch [R-UT] | Sen. Amy Klobuchar [D-MN] |
History
Date | Chamber | Action |
---|---|---|
2017-11-28 | Senate | Committee on the Judiciary. Hearings held. |
2017-05-25 | Senate | Read twice and referred to the Committee on the Judiciary. |
Subjects
Bank accounts, deposits, capital
Business records
Congressional oversight
Consumer credit
Crime and law enforcement
Criminal investigation, prosecution, interrogation
Criminal procedure and sentencing
Currency
Customs enforcement
Department of Homeland Security
Foreign and international banking
Fraud offenses and financial crimes
Government employee pay, benefits, personnel management
Government studies and investigations
Law enforcement officers
Smuggling and trafficking
Tax administration and collection, taxpayers
Business records
Congressional oversight
Consumer credit
Crime and law enforcement
Criminal investigation, prosecution, interrogation
Criminal procedure and sentencing
Currency
Customs enforcement
Department of Homeland Security
Foreign and international banking
Fraud offenses and financial crimes
Government employee pay, benefits, personnel management
Government studies and investigations
Law enforcement officers
Smuggling and trafficking
Tax administration and collection, taxpayers
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/senate-bill/1241/all-info |
Text | https://www.congress.gov/115/bills/s1241/BILLS-115s1241is.pdf |