Drug Money Seizure Act

Summary

Drug Money Seizure Act - Amends the Currency and Foreign Transactions Reporting Act to authorize the Secretary of the Treasury, in order to investigate the compliance of financial institutions with recordkeeping and reporting requirements with respect to monetary instruments transactions, to: (1) examine the books, papers, and records of such institutions; and (2) summon and take testimony from an institution officer or employee or other person possessing relevant reports or records. Increases the civil penalty for violations of such Act to: (1) the full amount of the transaction where the violation involves a transaction reporting requirement; or (2) $10,000 for any other violation. Creates a civil penalty of up to the amount of the transaction or account involved for any violation of a reporting or recordkeeping requirement for a transaction with a foreign financial agency.

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1 official file

• Introduced in Senate

  summary · EN · 5 March 1985

  Open at official source

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