Nowhere to Hide Oligarchs’ Assets Act

Bill: 117-hr-7080
Sponsor: full_name: Rep. Waters, Maxine [D-CA-43]
Introduced: 2022-03-15
Policy area: Finance and Financial Sector
Subjects: Business records

Foreign and international corporations

Fraud offenses and financial crimes

Government information and archives
Latest action: action_date: 2022-03-17
text: Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 26 - 23.

Summaries:
action_date: 2022-03-15
action_desc: Introduced in House
text: <p><strong>Nowhere to Hide Oligarchs' Assets Act </strong></p> <p>This bill expands the scope of the Financial Crimes Enforcement Network's (FinCEN's) authority to obtain records related to financial crimes. Specifically, FinCEN may request a nationwide geographic targeting order requiring additional recordkeeping and reporting requirements applicable to domestic financial institutions or nonfinancial trades or businesses. Under current law, such an order must be limited to a specific geographic area. </p> <p>Additionally, the bill expands existing recordkeeping and reporting requirements applicable to U.S. residents, citizens, and entities when transacting with a foreign financial agency to also include transactions with a foreign nonfinancial trade or business. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7080 IN THE HOUSE OF REPRESENTATIVES March 15, 2022 Ms. Waters (for herself, Mr. Lynch , and Mr. Casten ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend section 5326(a), of title 31, United States Code, to clarify that an order may be issued that covers the entirety of the United States, to amend section 5314 of title 31, United States Code, to allow the Financial Crimes Enforcement Network to obtain necessary information concerning foreign non-financial trades or businesses involved in illicit financial activities, including those of Russian and Belarussian oligarchs, and for other purposes.

1. Short title This Act may be cited as the Nowhere to Hide Oligarchs’ Assets Act . 2. Records of certain domestic transactions Section 5326(a) of title 31, United States Code, is amended by striking in a geographic area . 3. Records and reports on foreign financial agency transactions and foreign nonfinancial trade or business transactions (a) In general Section 5314 of title 31, United States Code, is amended— (1) in the heading, by striking foreign financial agency transactions and inserting foreign financial agency transactions and foreign nonfinancial trade or business transactions ; and (2) in subsection (a) by striking foreign financial agency each place it occurs and inserting foreign financial agency or foreign nonfinancial trade or business . (b) Conforming amendment The table of sections located in subchapter II of Chapter 53 of Subtitle IV of Title 31 is amended in the item relating to section 5314 by striking foreign financial agency transactions and inserting foreign financial agency transactions and foreign nonfinancial trade or business transactions .