Money Laundering Control Act of 1985

Summary

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.

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Timeline

1. 7 March 1985

   Introduced

   Introduced in House

   Source: IntroReferral

2. 7 March 1985

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

3. 7 March 1985

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 March 1985

   Referred

   Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

   Source: Committee

5. 19 March 1985

   Referred

   Referred to Subcommittee on Crime.

   Source: Committee

6. 13 June 1985

   Committee

   Subcommittee Hearings Held.

   Source: Committee

7. 24 July 1985

   Committee

   Subcommittee Hearings Held.

   Source: Committee

8. 12 September 1985

   Committee

   Subcommittee Hearings Held.

   Source: Committee

9. 16 April 1986

   Committee

   Subcommittee Hearings Held.

   Source: Committee

10. 17 April 1986

    Committee

    Subcommittee Hearings Held.

    Source: Committee

11. 23 April 1986

    Committee

    Subcommittee Hearings Held.

    Source: Committee

12. 14 May 1986

    Committee

    Subcommittee Hearings Held.

    Source: Committee

13. 31 July 1986

    Committee

    See H.R.5176.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 7 March 1985

  Open at official source

Sponsors

• Rep. Hughes, William J. [D-NJ-2] · D · Sponsor
• Rep. Mazzoli, Romano L. [D-KY-3] · D · Sponsor
• Rep. Matsui, Robert T. [D-CA-3] · D · Sponsor
• Rep. Owens, Major R. [D-NY-12] · D · Cosponsor
• · hsba00 · Standing
• · hsju00 · Standing

Related records

• related to ← Comprehensive Money Laundering Prevention Act