Money Laundering Control Act of 1986

Summary

Money Laundering Control Act of 1986 - Amends the Federal criminal code to establish money laundering as a Federal offense. Sets forth fines and penalties for anyone who knowingly: (1) engages in a financial transaction in criminally derived property (inapplicable to bona fide attorney fees); (2) engages in a commercial transaction which is part of a scheme to conceal criminally derived property, or to disguise the source or ownership of criminally derived property; or (3) transports or attempts to transport a monetary instrument or funds from a place in the United States to or through a place outside the United States, or vice versa, as part of a scheme to conceal criminally derived property, or to disguise the source or ownership of criminally derived property. Provides for a fine of not more than $1,000,000 ($5,000,000 if the offender is a person other than an individual), or imprisonment for not more than 20 years, or both. Authorizes components of the Department of the Treasury to investigate such offenses. Establishes criminal and civil forfeiture procedures for the offense of money laundering. Authorizes the use of wiretaps in money laundering investigations. Amends the Right to Financial Privacy Act of 1978 to make certain changes regarding: (1) monetary transaction reporting requirements; and (2) the disclosure of information by financial institutions. Authorizes the Secretary of the Treasury to: (1) examine books, papers, and records of domestic financial transactions; and (2) summon an officer or employee having possession or custody of reports or records to appear and give testimony under oath. Sets certain limits on the Secretary's summons power. Amends the Right to Financial Privacy Act of 1978 to change the scienter requirement: (1) from "willfully" to "knowingly or with reckless disregard for a duty imposed by this subchapter" for civil violations; and (2) from "willfully" to "knowingly" for criminal violations. Increases the criminal penalties for violations of the Bank Secrecy Act.

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

Timeline

1. 22 July 1986

   Committee

   For Previous Action See H.R.5077.

   Source: Committee

2. 22 July 1986

   Introduced

   Referred to House Committee on The Judiciary.

   Source: IntroReferral

3. 22 July 1986

   Introduced

   Introduced in House

   Source: IntroReferral

4. 22 July 1986

   Introduced

   Introduced in House

   Source: IntroReferral

5. 29 July 1986

   Reported

   Ordered to be Reported (Amended).

   Source: Committee

6. 29 July 1986

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

7. 19 September 1986

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs Sequentially, for a Period Ending not Later than Sep 26, 86.

   Source: IntroReferral

8. 19 September 1986

   Reported

   Reported to House (Amended) by House Committee on The Judiciary. Report No: 99-855 (Part I).

   Source: Committee

9. 19 September 1986

   Reported

   Reported to House (Amended) by House Committee on The Judiciary. Report No: 99-855 (Part I).

   Source: Committee

10. 26 September 1986

    Calendars

    Placed on Union Calendar No: 542.

    Source: Calendars

11. 26 September 1986

    Discharge

    House Committee on Banking, Finance and Urban Affairs Discharged by Unanimous Consent.

    Source: Discharge

12. 26 September 1986

    Committee

    House Committee on Banking, Finance and Urban Affairs Discharged by Unanimous Consent.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

2 official files

• Reported to House amended, Part I

  summary · EN · 19 September 1986

  Open at official source

• Introduced in House

  summary · EN · 22 July 1986

  Open at official source

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Sponsors

• Rep. Hughes, William J. [D-NJ-2] · D · Sponsor
• Rep. McCollum, Bill [R-FL-8] · R · Sponsor
• Rep. Rodino, Peter W., Jr. [D-NJ-10] · D · Sponsor
• Rep. Mazzoli, Romano L. [D-KY-3] · D · Sponsor
• Rep. Morrison, Bruce A. [D-CT-3] · D · Sponsor
• Rep. Feighan, Edward F. [D-OH-19] · D · Sponsor
• Rep. Smith, Lawrence [D-FL-16] · D · Sponsor
• Rep. Staggers, Harley O., Jr. [D-WV-2] · D · Sponsor
• Rep. Fish, Hamilton, Jr. [R-NY-19] · R · Sponsor
• Rep. Lungren, Daniel E. [R-CA-3] · R · Sponsor
• Rep. Shaw, E. Clay, Jr. [R-FL-22] · R · Sponsor
• Rep. Gekas, George W. [R-PA-17] · R · Sponsor
• Rep. Bryant, John W. [D-TX-5] · D · Cosponsor
• Rep. Jones, James R. [D-OK-1] · D · Cosponsor
• Rep. Guarini, Frank J. [D-NJ-14] · D · Cosponsor
• Rep. English, Glenn [D-OK-6] · D · Cosponsor
• Rep. AuCoin, Les [D-OR-1] · D · Cosponsor
• Rep. Miller, Clarence E. [R-OH-10] · R · Cosponsor
• Sen. Wirth, Timothy [D-CO] · D · Cosponsor
• Rep. Zschau, Edwin V. W. [R-CA-12] · R · Cosponsor
• Rep. Petri, Thomas E. [R-WI-6] · R · Cosponsor
• Rep. Edgar, Robert W. [D-PA-7] · D · Cosponsor
• · hsba00 · Standing
• · hsju00 · Standing

Related records

• related to → Money Laundering Control Act of 1986