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: 117-hr-5843
Sponsor: full_name: Rep. Issa, Darrell E. [R-CA-50]
Introduced: 2021-11-03
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-11-03
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-11-03
action_desc: Introduced in House
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: I 117th CONGRESS 1st Session H. R. 5843 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.

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; .