To require ammunition to bear serial numbers.

Amends the Federal criminal code to require licensed importers and licensed manufacturers to identify, by means of an engraved serial number, each item of ammunition imported or manufactured by the importer or manufacturer.

Makes recordkeeping requirements of licensed importers, manufacturers, dealers, and collectors concerning the disposition of firearms applicable to the disposition of ammunition.

Authorizes the Secretary of the Treasury, without reasonable cause or warrant when necessary to determine the disposition of items of ammunition in the course of a bona fide criminal investigation, to: (1) inspect or examine the inventory and records of a licensed importer, manufacturer, or dealer; and (2) inspect the inventory and records of a licensed collector.

Requires licensed importers, manufacturers, and dealers who conduct business at a temporary location for a gun show to keep records of disposition of ammunition transactions occurring at such location. Limits any inspection or examination of inventory and records at such location to inventory consisting of, or records relating to, firearms (as under current law) and ammunition held or disposed of at such location.

Allows establishment of a system of registration of ammunition transactions.