Drug Money Seizure Act

Summary

Drug Money Seizure Act - Title I: Currency Reporting Amendments - Currency Reporting Amendments of 1985 - Amends the Currency and Foreign Transactions Reporting Act to authorize the Secretary of the Treasury, in order to investigate the compliance of financial institutions with recordkeeping and reporting requirements with respect to monetary instruments transactions, to: (1) examine the books, papers, and records of such institutions; and (2) summon and take testimony from an institution officer or employee or other person possessing relevant reports or records. Increases the civil penalty for violations of such Act to: (1) the full amount of the transaction where the violation involves a transaction reporting requirement; or (2) $10,000 for any other violation. Creates a civil penalty of up to the amount of the transaction or account involved for any violation of a reporting or recordkeeping requirement for a transaction with a foreign financial agency. Title II: Money Laundering - Money Laundering Crimes Act - Amends the Federal criminal code to establish money laundering as a Federal criminal offense. Sets forth fines and penalties to be imposed against anyone who conducts transactions involving monetary instruments through a financial institution engaged in or affecting interstate commerce: (1) with the intention of carrying out specified types of unlawful activity; or (2) with knowledge that such monetary instruments represent income derived from such unlawful activity. Requires investigation of such an offense by the Federal Bureau of Investigation, the Drug Enforcement Administration, and the Internal Revenue Service, as appropriate. Establishes extraterritorial jurisdiction over such prohibited conduct.

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Timeline

1. 3 April 1985

   Introduced

   Introduced in House

   Source: IntroReferral

2. 3 April 1985

   Introduced

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

   Source: IntroReferral

3. 3 April 1985

   Referred

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

   Source: Committee

4. 3 April 1985

   Introduced

   Introduced in House

   Source: IntroReferral

5. 12 April 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 · 3 April 1985

  Open at official source

Sponsors

• Rep. Hubbard, Carroll, Jr. [D-KY-1] · D · Sponsor
• Rep. Foglietta, Thomas M. [D-PA-1] · D · Sponsor
• Rep. Owens, Major R. [D-NY-11] · D · Cosponsor
• · hsba00 · Standing
• · hsju00 · Standing

Related records

• related to ← Comprehensive Money Laundering Prevention Act