A bill entitled: "The Money Laundering Prevention Act of 1986".

Summary

Amends the Bank Secrecy Act to prohibit any person from: (1) causing or attempting to cause a domestic financial institution to file a required coin or currency transaction report containing a material omission of misstatement of fact or to fail to file a required report; or (2) structuring or assisting in structuring a transaction for the purpose of evading reporting requirements. Authorizes the seizure and forfeiture to the United States of: (1) any transported monetary instrument or any interest in other property (including any deposit in a financial institution) traceable to such instrument when a required report on such instrument has not been filed or contains a material omission or misstatement; and (2) any U.S. coin or currency or any interest in other property traceable to such coin or currency involved in a transaction for which a required report has not been filed. Provides that no property or interest therein shall be forfeited if the owner is a bona fide purchaser for value with no knowledge of the reporting requirement violation. Amends the Internal Revenue Code to provide for the enforcement of such seizure and forfeiture authority by internal revenue enforcement officers. Authorizes the Secretary of the Treasury to impose a civil penalty on a person (excluding a domestic financial institution examined by a Federal bank supervisory agency or a financial institution regulated by the Securities and Exchange Commission) who willfully violates a coin or currency transaction reporting requirement. Limits the penalty to the amount of the coin or currency involved reduced by any amount already forfeited.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 15 April 1986

   Introduced

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

   Source: IntroReferral

2. 15 April 1986

   Referred

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

   Source: Committee

3. 15 April 1986

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 April 1986

   Introduced

   Introduced in House

   Source: IntroReferral

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 · 15 April 1986

  Open at official source

Sponsors

• Rep. Pickle, J. J. [D-TX-10] · D · Sponsor
• Rep. Schulze, Richard T. [R-PA-5] · R · Sponsor
• Rep. Rangel, Charles B. [D-NY-15] · D · Cosponsor
• Rep. Ford, Harold E. [D-TN-9] · D · Cosponsor
• Sen. Dorgan, Byron L. [D-ND] · D · Cosponsor
• Rep. Guarini, Frank J. [D-NJ-14] · D · Cosponsor
• Rep. McGrath, Raymond J. [R-NY-5] · R · Cosponsor
• Rep. Lent, Norman F. [R-NY-4] · R · Cosponsor
• Rep. Flippo, Ronnie G. [D-AL-5] · D · Cosponsor
• Rep. Anthony, Beryl, Jr. [D-AR-4] · D · Cosponsor
• Rep. Thomas, William M. [R-CA-21] · R · Cosponsor
• Rep. Hyde, Henry J. [R-IL-6] · R · Cosponsor
• Rep. Wortley, George C. [R-NY-27] · R · Cosponsor
• Rep. Chapman, Jim [D-TX-1] · D · Cosponsor
• Rep. Lagomarsino, Robert J. [R-CA-19] · R · Cosponsor
• Rep. Owens, Major R. [D-NY-11] · D · Cosponsor
• Rep. Dornan, Robert K. [R-CA-46] · R · Cosponsor
• Rep. Fascell, Dante B. [D-FL-19] · D · Cosponsor
• Rep. Andrews, Michael [D-TX-25] · D · Cosponsor
• Rep. Morrison, Bruce A. [D-CT-3] · D · Cosponsor
• Rep. Kostmayer, Peter H. [D-PA-8] · D · Cosponsor
• Rep. Martin, Lynn M. [R-IL-16] · R · Cosponsor
• · hsba00 · Standing
• · hswm00 · Standing

Related records

• related to ← Comprehensive Money Laundering Prevention Act
• related to ← A bill entitled the "Bank Secrecy Act Amendments of 1986".