A bill to amend the Currency and Foreign Transactions Reporting Act and section 1961 (1) of title 18, United States Code, to improve enforcement, and for other purposes.

Summary

Amends the Currency and Foreign Transactions Reporting Act to increase the authorized civil and criminal penalties for violations. Extends the current reporting requirement to include persons attempting to transport monetary instruments into or from the United States. Raises from $5,000 to $10,000 the amount transported which triggers the reporting requirement. Revises the forfeiture provision to subject monetary instruments to seizure only if the person required to file a report knowingly fails to do so. Authorizes a customs officer to make a warrantless search and seizure of any vehicle, vessel, aircraft, envelope, or other container based on reasonable cause that a monetary instrument is being transported for which a report is required. Authorizes the Secretary of the Treasury to pay a reward for original information leading to a recovery of at least $50,000 by way of criminal fine, civil penalty, or forfeiture.

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1 official file

• Introduced in Senate

  summary · EN · 3 December 1981

  Open at official source

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