Countering Terrorist Financing Act of 2017

Bill: 115-hr-2622
Sponsor: full_name: Rep. Lynch, Stephen F. [D-MA-8]
Introduced: 2017-05-24
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation

Business records

Currency

Fraud offenses and financial crimes
Latest action: action_date: 2017-05-24
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2017-05-24
action_desc: Introduced in House
text: <p><strong>Countering Terrorist Financing Act of 2017</strong></p> <p>This bill revises the authority of the Department of the Treasury to issue an order imposing recordkeeping and reporting requirements upon financial institutions and nonfinancial trade or business groups in certain geographic areas regarding transactions for the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may describe in an order). Specifically, a&nbsp;Treasury order for recordkeeping and reporting may include any&nbsp;funds (not just U.S. coins or currency) involved in such transactions. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 2622 IN THE HOUSE OF REPRESENTATIVES May 24, 2017 Mr. Lynch (for himself and Mr. King of New York ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend title 31, United States Code, to authorize the Secretary of the Treasury to include all funds when issuing certain geographic targeting orders, and for other purposes.

1. Short title This Act may be cited as the Countering Terrorist Financing Act of 2017 . 2. Inclusion of all funds (a) In general Section 5326 of title 31, United States Code, is amended— (1) in the heading of such section, by striking coin and currency ; (2) in subsection (a)— (A) by striking subtitle and and inserting subtitle or to ; and (B) in paragraph (1)(A), by striking United States coins or currency (or such other monetary instruments as the Secretary may describe in such order) and inserting funds (as the Secretary may describe in such order), ; and (3) in subsection (b)— (A) in paragraph (1)(A), by striking coins or currency (or monetary instruments) and inserting funds ; and (B) in paragraph (2), by striking coins or currency (or such other monetary instruments as the Secretary may describe in the regulation or order) and inserting funds (as the Secretary may describe in the regulation or order) . (b) Clerical amendment The table of contents for chapter 53 of title 31, United States Code, is amended in the item relating to section 5326 by striking coin and currency .