Money Laundering Prevention Act of 1986

Summary

Money Laundering Prevention Act of 1986 - Requires a domestic financial institution and participant involved in any domestic coin or currency transaction involving amounts or denominations of $10,000 or more to file a report as prescribed by the Secretary of the Treasury. Requires any institution involved in such a transaction involving amounts or denominations of $3,000 or more to obtain the following information and maintain a record of such information for five years: (1) the identity, address, and legal capacity of each participant in the transaction; (2) the identity of any real party in interest who is not directly participating; and (3) a description of the transaction. Requires each transaction record to be treated as a financial record of each person identified for purposes of the Right to Financial Privacy Act of 1978. Directs any person participating in such a transaction to provide to the institution or participant which is required to file such a report or maintain such a record: (1) such person's identity, address, and interest in the transaction; and (2) the identity of any other person for whom such person is acting.

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Timeline

1. 27 February 1986

   Introduced

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

   Source: IntroReferral

2. 27 February 1986

   Introduced

   Introduced in House

   Source: IntroReferral

3. 27 February 1986

   Introduced

   Introduced in House

   Source: IntroReferral

4. 28 February 1986

   Referred

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

   Source: Committee

5. 16 April 1986

   Committee

   Subcommittee Hearings Held.

   Source: Committee

6. 17 April 1986

   Committee

   Subcommittee Hearings Held.

   Source: Committee

7. 23 April 1986

   Committee

   Subcommittee Hearings Held.

   Source: Committee

8. 14 May 1986

   Committee

   Subcommittee Hearings Held.

   Source: Committee

9. 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 · 27 February 1986

  Open at official source

Sponsors

• Rep. Torres, Esteban Edward [D-CA-34] · D · Sponsor
• Rep. St Germain, Fernand J. [D-RI-1] · D · Sponsor
• Rep. Kleczka, Gerald D. [D-WI-4] · D · Cosponsor
• Rep. Annunzio, Frank [D-IL-11] · D · Cosponsor
• Rep. Kaptur, Marcy [D-OH-9] · D · Cosponsor
• Rep. Roybal, Edward R. [D-CA-25] · D · Cosponsor
• Rep. Roe, Robert A. [D-NJ-8] · D · Cosponsor
• Rep. Mrazek, Robert J. [D-NY-3] · D · Cosponsor
• Rep. Mitchell, Parren J. [D-MD-7] · D · Cosponsor
• Rep. Vento, Bruce F. [D-MN-4] · D · Cosponsor
• Rep. Mineta, Norman Y. [D-CA-15] · D · Cosponsor
• Rep. Matsui, Robert T. [D-CA-5] · D · Cosponsor
• Rep. Rangel, Charles B. [D-NY-15] · D · Cosponsor
• Rep. Gonzalez, Henry B. [D-TX-20] · D · Cosponsor
• Rep. Martinez, Matthew G. [D-CA-31] · D · Cosponsor
• · hsba00 · Standing

Related records

• related to ← Comprehensive Money Laundering Prevention Act