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.

Bill: 116-s-533
Sponsor: full_name: Sen. Cruz, Ted [R-TX]
Introduced: 2019-02-14
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation

Foreign property

Fraud offenses and financial crimes

Metals

Sanctions
Latest action: action_date: 2019-02-14
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2019-02-14
action_desc: Introduced in Senate
text: <p>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. </p>

tv_txt: II 116th CONGRESS 1st Session S. 533 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.

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; .