H.R.6031 - Money Laundering Penalties Act of 198498th Congress (1983-1984)
|Sponsor:||Rep. Hughes, William J. [D-NJ-2] (Introduced 07/26/1984)|
|Committees:||House - Banking, Finance, and Urban Affrs; Judiciary|
|Committee Reports:||H.Rept 98-984 Part 1|
|Latest Action:||10/12/1984 See H.J.Res.648.|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.6031 — 98th Congress (1983-1984)All Bill Information (Except Text)
(Measure passed House, amended)
Passed House amended (09/10/1984)
Money Laundering Penalties Act of 1984 - Amends the Currency and Foreign Transactions Reporting Act to increase the civil penalty for willful violations of the Act by financial institutions from $1,000 to $10,000. Increases the criminal fine from $1,000 to $250,000 and imprisonment from one year to up to five years.
Increases from $5,000 to $10,000 the value of monetary instruments exported from or imported into the United States above which a person is required to file a report.
Grants customs officers authority to make warrantless searches for evidence of violations of such Act.
Allows the Secretary of the Treasury to pay rewards to persons who provide information about violations of the Act which lead to the collection of a criminal fine, civil penalty, or forfeiture of currency of more than $10,000.