Combating Money Laundering and Terrorist Financing Act of 2003

Summary

Combating Money Laundering and Terrorist Financing Act of 2003 - Amends the Racketeer Influenced and Corrupt Organizations Act (RICO) to expand its scope to cover acts or threats involving burglary, embezzlement, and fraud in the purchase of securities. Modifies provisions regarding: (1) the laundering of monetary instruments to include violations of the Social Security Act relating to obtaining funds through misuse of a social security number, to grant authority to the Secretary of Homeland Security and the Commissioner of Social Security over offenses within their jurisdictions, and to cover certain informal transfers of the proceeds of specified unlawful activity; and (2) engaging in monetary transactions in property derived from specified unlawful activity to grant authority to the Secretary over offenses within his jurisdiction. Changes the name of a money transmitting business the operation of which is prohibited from an "unlicensed" to an "illegal" money transmitting business. Specifies that such a business shall be illegal if it fails to to comply with money transmitting business registration requirements (current law), whether or not the defendant knew that the operation was required to comply with such requirements. Authorizes the Attorney General, the Secretary of the Treasury, and the Secretary of Homeland Security to investigate violations regarding such businesses. Amends the Federal criminal code to provide for civil forfeiture of the assets of individuals or entities engaging in planning or perpetrating any act of international terrorism against any international organization or foreign government. Reauthorizes the Money Laundering and Financial Crimes Strategy Act of 1998.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 November 2003

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 November 2003

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• Introduced in Senate

  summary · EN · 6 November 2003

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