Title: A bill to require the Secretary of the Treasury to consider certain transactions related to precious metals for purposes of identifying jurisdictions of primary money laundering concern, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill directs the Department of the Treasury to consider sanctioned transactions involving precious metals when assessing whether a jurisdiction, financial institution, class of transactions, or type of account is of primary money laundering concern for purposes of reporting, recordkeeping, and certain account restrictions.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 533 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                 S. 533

     To require the Secretary of the Treasury to consider certain 
  transactions related to precious metals for purposes of identifying 
   jurisdictions of primary money laundering concern, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 14, 2019

   Mr. Cruz (for himself, Mr. Tillis, and Mr. Rubio) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
     To require the Secretary of the Treasury to consider certain 
  transactions related to precious metals for purposes of identifying 
   jurisdictions of primary money laundering concern, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CONSIDERATION OF CERTAIN TRANSACTIONS INVOLVING PRECIOUS 
              METALS FOR PURPOSES OF IDENTIFYING JURISDICTIONS OF 
              PRIMARY MONEY LAUNDERING CONCERN.

    Section 5318A(c)(2) of title 31, United States Code, is amended--
            (1) in subparagraph (A)--
                    (A) by redesignating clauses (iii) through (vii) as 
                clauses (iv) through (viii), respectively; and
                    (B) by inserting after clause (ii) the following:
                            ``(iii) the extent to which the 
                        jurisdiction or financial institutions 
                        operating in that jurisdiction facilitate 
                        transactions that are related to precious 
                        metals and are subject to being blocked 
                        pursuant to sanctions imposed by the United 
                        States under any statute or Executive order;''; 
                        and
            (2) in subparagraph (B)--
                    (A) by redesignating clauses (ii) and (iii) as 
                clauses (iii) and (iv), respectively; and
                    (B) by inserting after clause (i) the following:
                            ``(iv) the extent to which such financial 
                        institutions, transactions, or types of 
                        accounts are used to facilitate transactions 
                        that are related to precious metals and are 
                        subject to being blocked pursuant to sanctions 
                        imposed by the United States under any statute 
                        or Executive order;''.
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