Stolen Guns Act of 1994

Stolen Guns Act of 1994 - Amends the Federal criminal code to make it unlawful for a licensed dealer to receive a firearm from a person unless the dealer: (1) receives a statement that contains a photograph of and personal data on such person which would appear on a valid identification document, a description of the identification document, and the serial number of the firearm involved; (2) verifies the identity of the person; and (3) transmits notice of the contents of the statement to the chief law enforcement officer of the dealer's place of business. Requires the dealer to retain a copy of such statement.

Requires the chief law enforcement officer, to: (1) make a reasonable effort to ascertain whether the firearm is stolen, including contacting the National Crime Information Center operated by the Federal Bureau of Investigation; and (2) destroy any record containing information derived from the notice within 20 business days after the later of the date the officer notifies the dealer that the firearm is not stolen or the third business day after receipt of such notice. Prohibits a record from being destroyed if the officer has reason to believe that the firearm is stolen.

Directs the Secretary of the Treasury to: (1) ensure that the provisions of this Act are published and disseminated to licensed dealers, law enforcement officials, and the public; and (2) promote the reporting of serial numbers of stolen firearms.

Sets forth penalties for violation of this Act.

Directs the Attorney General to provide assistance, when feasible, to ensure that chief law enforcement officers comply with this Act. Authorizes the Attorney General to withhold up to 25 percent of the funds a State would receive under title I of the Omnibus Crime Control and Safe Streets Act of 1968 for noncompliance.