Title: Nowhere to Hide Oligarchs’ Assets Act
Policy area: Finance and Financial Sector

Summary:
Nowhere to Hide Oligarchs' Assets Act
This bill expands the scope of the Financial Crimes Enforcement Network's (FinCEN's) authority to obtain records related to financial crimes. Specifically, FinCEN may request a nationwide geographic targeting order requiring additional recordkeeping and reporting requirements applicable to domestic financial institutions or nonfinancial trades or businesses. Under current law, such an order must be limited to a specific geographic area.
Additionally, the bill expands existing recordkeeping and reporting requirements applicable to U.S. residents, citizens, and entities when transacting with a foreign financial agency to also include transactions with a foreign nonfinancial trade or business.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7080 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7080

 To amend section 5326(a), of title 31, United States Code, to clarify 
  that an order may be issued that covers the entirety of the United 
States, to amend section 5314 of title 31, United States Code, to allow 
     the Financial Crimes Enforcement Network to obtain necessary 
   information concerning foreign non-financial trades or businesses 
 involved in illicit financial activities, including those of Russian 
           and Belarussian oligarchs, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2022

  Ms. Waters (for herself, Mr. Lynch, and Mr. Casten) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
 To amend section 5326(a), of title 31, United States Code, to clarify 
  that an order may be issued that covers the entirety of the United 
States, to amend section 5314 of title 31, United States Code, to allow 
     the Financial Crimes Enforcement Network to obtain necessary 
   information concerning foreign non-financial trades or businesses 
 involved in illicit financial activities, including those of Russian 
           and Belarussian oligarchs, 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. SHORT TITLE.

    This Act may be cited as the ``Nowhere to Hide Oligarchs' Assets 
Act''.

SEC. 2. RECORDS OF CERTAIN DOMESTIC TRANSACTIONS.

    Section 5326(a) of title 31, United States Code, is amended by 
striking ``in a geographic area''.

SEC. 3. RECORDS AND REPORTS ON FOREIGN FINANCIAL AGENCY TRANSACTIONS 
              AND FOREIGN NONFINANCIAL TRADE OR BUSINESS TRANSACTIONS.

    (a) In General.--Section 5314 of title 31, United States Code, is 
amended--
            (1) in the heading, by striking ``foreign financial agency 
        transactions'' and inserting ``foreign financial agency 
        transactions and foreign nonfinancial trade or business 
        transactions''; and
            (2) in subsection (a) by striking ``foreign financial 
        agency'' each place it occurs and inserting ``foreign financial 
        agency or foreign nonfinancial trade or business''.
    (b) Conforming Amendment.--The table of sections located in 
subchapter II of Chapter 53 of Subtitle IV of Title 31 is amended in 
the item relating to section 5314 by striking ``foreign financial 
agency transactions'' and inserting ``foreign financial agency 
transactions and foreign nonfinancial trade or business transactions''.
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