Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017

Summary

Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 This bill modifies various prohibitions on money laundering. It requires that for certain reporting requirements, a blank check shall be considered to have a value of more than $10,000 if it was drawn on an account that contained more than $10,000. Whoever violates a currency smuggling law is subject to fines, which may be enhanced in aggravated cases. Commingled funds and aggregated transactions can be counted towards the value requirement for offenses involving prohibited monetary transactions derived from specified unlawful activity. Persons who conspire to violate the prohibition against unlicensed money services businesses shall be subject to the same penalty as the underlying offense. This bill establishes various criminal offenses pertaining to money services businesses. It shall be a federal offense to conduct certain financial transactions that involve the proceeds of specified unlawful activity. If a person is charged with an offense under the federal criminal code, title 31, or the Controlled Substances Act for which forfeiture is authorized, the government may apply for an ex parte order freezing the person's bank accounts. The international money laundering statute shall apply to tax evasion. The Department of the Treasury or the Department of Justice may issue a subpoena to any foreign bank that maintains a correspondent account in the United States. The bill makes it unlawful to knowingly conceal to a financial institution a material fact concerning the ownership of an account with a financial institution.

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Timeline

1. 25 May 2017

   Introduced

   Read twice and referred to the Committee on the Judiciary.

   Source: IntroReferral

2. 25 May 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 28 November 2017

   Committee

   Committee on the Judiciary. Hearings held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 25 May 2017 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 May 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 May 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 May 2017

  Open at official source

Sponsors

• Chuck Grassley · R · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Sponsor
• John Cornyn · R · Sponsor
• Sheldon Whitehouse · D · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Cosponsor
• Amy Klobuchar · D · Cosponsor
• · ssju00 · Standing

Related records

• related to → Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2019