A bill to amend title 18 of the United States Code to prohibit certain methods of concealing the proceeds of crime, and for other purposes.
Money Laundering Control Act of 1985 - Amends the Federal criminal code to make money laundering a Federal offense. Sets forth fines and penalties for anyone who knowingly engages in a financial transaction with criminally derived property. Establishes extraterritorial jurisdiction over such prohibited conduct.
Amends the Currency and Foreign Transactions Reporting Act to require that all persons who seek an exemption from the requirement of filing a currency transaction report each time they deposit or withdraw more than $10,000 to apply for such exemption.
Imposes certain reporting requirements on funds transferred by wire or other electronic means.
Requires the bank supervisory agencies which examine financial institutions to oversee compliance with the Currency and Foreign Transactions Reporting Act.
Amends the Comprehensive Crime Control Act to provide that certain reports may be filed when a person is about to transport currency.
Placed on Union Calendar No: 446.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to House Committee on The Judiciary.
Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
Referred to Subcommittee on Crime.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line
See H.R.5176.