Title: 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 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5843 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 5843

     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 HOUSE OF REPRESENTATIVES

                            November 3, 2021

Mr. Issa (for himself, Mr. Fitzgerald, and Ms. Salazar) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 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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