S.2683 - Money Laundering Crimes Act of 198699th Congress (1985-1986)
|Sponsor:||Sen. Thurmond, Strom [R-SC] (Introduced 07/24/1986)|
|Committees:||Senate - Judiciary|
|Committee Reports:||S.Rept 99-433|
|Latest Action:||Senate - 09/03/1986 Placed on Senate Legislative Calendar under General Orders. Calendar No. 884. (All Actions)|
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Summary: S.2683 — 99th Congress (1985-1986)All Information (Except Text)
Introduced in Senate (07/24/1986)
Money Laundering Crimes Act of 1986 - Amends the Federal criminal code to establish money laundering as a Federal offense. Sets forth fines and penalties to be imposed on anyone who, knowing that the property involved in a financial transaction represents the proceeds of some form of unlawful activity, conducts or attempts to conduct such a transaction which in fact involves such proceeds: (1) with the intent to facilitate the carrying on of specified unlawful activity; or (2) knowing that the transaction is designed in whole or in part to conceal or disguise the nature, location, source, ownership, or control of such proceeds, or to avoid a transaction reporting requirement under State or Federal law.
Sets forth fines and penalties to be imposed upon anyone who: (1) transports or attempts to transport a monetary instrument or funds from a place in the United States to or through a place outside the United States, or vice versa, with similar intent or knowledge; or (2) conducts or attempts to conduct a financial transaction that in whole or in part involves the proceeds of specified unlawful activities with intent to violate or facilitate the violation of certain provisions of the Internal Revenue Code.
Provides, for each of such offenses, for a fine of not more than $250,000 or twice the value of the monetary instrument, whichever is greater, or imprisonment for not more than 20 years, or both. Imposes a civil penalty of the greater of the value of the funds or the monetary instrument involved or $10,000.
Authorizes components of the Department of Justice and the Department of the Treasury to investigate such offenses, as appropriate.
Establishes extraterritorial jurisdiction if certain conditions are met.
Amends the Right to Financial Privacy Act of 1978 with respect to the permissible notification of the Federal Government by a financial institution that the institution has information which may be relevant to a possible violation of law or regulation. Restricts such information to the name or names and other identifying information concerning the individuals and accounts involved in and the nature of the suspected illegal activity. Preempts any State or local law which prohibits disclosure of such information. Precludes liability under any law for an institution for such a disclosure or for failing to notify the customer of such disclosure. Grants a district court authority to order the institution to delay notifying a customer of the existence of a grand jury subpoena of financial records or of information furnished to the grand jury.
Authorizes the Secretary of the Treasury to: (1) examine books, papers, and records of domestic financial institutions; and (2) summon an officer or employee having possession or custody of reports or records to appear and give testimony under oath. Permits the Secretary to make information filed by financial institutions in certain reports available to a Federal, State, or local agency upon request. Authorizes the Secretary to make such information available to a Federal agency when the Secretary has reason to believe it may be relevant to a matter within the receiving agency's jurisdiction. Authorizes the disclosure of such information for national security purposes. Exempts such reports, and records of such reports, from public disclosure provisions.
Increases the civil penalties for violations of the Bank Secrecy Act's reporting rules. Provides in the case of a reporting violation for a maximum penalty of $1,000,000 and a minimum of $25,000. Reduces the civil penalty by any amount forfeited to the United States. Imposes a civil penalty for the criminal violation of such rules, in the amount of the transaction or $25,000, whichever is greater, where the violation involves a transaction. Sets a civil penalty of the entire amount of an account (up to $250,000), or $25,000, whichever is greater, where the violation involves failure to report the existence of an account or any required identifying data pertaining to it. Imposes a civil penalty of not more than $1,000 in the case of a negligent violation.
Authorizes the Secretary to assess a civil penalty within six years after the transaction on which the penalty is based. Permits the Secretary to bring a civil action to recover a civil penalty within two years after assessment.
Lists money laundering as a predicate offense for purposes of the Racketeer Influenced and Corrupt Organizations (RICO) statute. Authorizes wiretapping for the investigation of money laundering.
Establishes civil and criminal forfeiture procedures for the offense of money laundering.