ILLICIT CASH Act

Bill: 116-s-2563
Sponsor: Sen. Warner, Mark R. [D-VA]
Introduced: 2019-09-26 in the Senate
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Administrative remedies
Advisory bodies
Asia
Banking and financial institutions regulation
Business records
China
Civil actions and liability
Congressional oversight
Corporate finance and management
Criminal investigation, prosecution, interrogation
Currency
Department of the Treasury
Digital media
Diplomacy, foreign officials, Americans abroad
Drug trafficking and controlled substances
Employment discrimination and employee rights
Evidence and witnesses
Financial services and investments
Foreign and international banking
Fraud offenses and financial crimes
Government employee pay, benefits, personnel management
Government ethics and transparency, public corruption
Government information and archives
Government studies and investigations
Government trust funds
Human trafficking
International monetary system and foreign exchange
Internet and video services
Internet, web applications, social media
Real estate business
Securities
Social work, volunteer service, charitable organizations
State and local government operations
Terrorism

Summary:
action_date: 2019-09-26
text: 

Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act or the ILLICIT CASH Act 

 
This bill expands disclosure requirements regarding the ownership of corporations and sets forth additional requirements regarding anti-money laundering and combating the financing of terrorism programs (known as AML-CFT programs). 
 
Corporations must disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The bill defines a beneficial owner as an individual who (1) exercises substantial control over a corporation or limited liability company, (2) owns 25% or more of the interest in a corporation or limited liability company, or (3) receives substantial economic benefits from the assets of a corporation or limited liability company. 
 
The bill also generally expands and revises existing AML-CFT provisions, including by 
 
 
compelling foreign banks to comply with subpoenas for records and allowing fines for foreign banks that fail to comply, 
 
establishing a financial institution liaison at FinCEN,
 
initiating a review of thresholds for currency transaction reports and suspicious activity reports, and
 
expanding the regulation of digital currencies. 
 
 
The bill also requires increased communication and data sharing between law enforcement, financial regulators, and financial institutions.
 
The bill provides statutory authority for the Securities and Exchange Commission to seek disgorgement (i.e., repayment) as a remedy for unjust enrichment that a person gained through a securities law violation. 
 
The bill also revises administrative requirements of FinCEN, including by revising the pay scale of employees.


Legislative actions:
action_date: 2020-06-30
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2019-12-05
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2019-09-26
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2019-09-26
text: Introduced in Senate