In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Combating Money Laundering and
Terrorist Financing Act of 2006''.

TITLE I--MONEY LAUNDERING

SEC. 101. SPECIFIED UNLAWFUL ACTIVITY.

Section 1956(c)(7) of title 18, United States Code, is amended to
read as follows:
''(7) the term 'specified unlawful activity' means--
''(A) any act or activity constituting an offense
in violation of the laws of the United States or any
State punishable by imprisonment for a term exceeding 1
year; and
''(B) any act or activity occurring outside of the
United States that would constitute an offense covered
under subparagraph (A) if the act or activity had
occurred within the jurisdiction of the United States
or any State;''.

SEC. 102. MAKING THE DOMESTIC MONEY LAUNDERING STATUTE APPLY TO
''REVERSE MONEY LAUNDERING'' AND INTERSTATE
TRANSPORTATION.

(a) In General.--Section 1957 of title 18, United States Code, is
amended--
(1) in the heading, by inserting ''or in support of
criminal activity'' after ''specified unlawful activity'';
(2) in subsection (a), by striking ''Whoever'' and
inserting the following:
''(1) Whoever''; and
(3) by adding at the end the following:
''(2) Whoever--
''(A) in any of the circumstances set forth in subsection
(d)--
''(i) conducts or attempts to conduct a monetary
transaction involving property of a value that is
greater than $10,000; or
''(ii) transports, attempts to transport, or
conspires to transport property of a value that is
greater than $10,000;
''(B) in or affecting interstate commerce; and
''(C) either--
''(i) knowing that the property was derived from
some form of unlawful activity; or
''(ii) with the intent to promote the carrying on
of specified unlawful activity;
shall be fined under this title, imprisoned for a term of years not to
exceed the statutory maximum for the unlawful activity from which the
property was derived or the unlawful activity being promoted, or
both.''.
(b) Chapter Analysis.--The item relating to section 1957 in the
table of sections for chapter 95 of title 18, United States Code, is
amended to read as follows:

''1957. Engaging in monetary transactions in property derived from
specified unlawful activity or in support
of criminal activity.''.

SEC. 103. PROCEDURE FOR ISSUING SUBPOENAS IN MONEY LAUNDERING CASES.

(a) In General.--Section 986 of title 18, United States Code, is
amended by adding at the end the following:
''(e) Procedure for Issuing Subpoenas.--The Attorney General, the
Secretary of the Treasury, or the Secretary of Homeland Security may
issue a subpoena in any investigation of a violation of sections 1956,
1957 or 1960, or sections 5316, 5324, 5331 or 5332 of title 31, United
States Code, in the manner set forth under section 3486.''.
(b) Grand Jury and Trial Subpoenas.--Section 5318(k)(3)(A)(i) of
title 31, United States Code, is amended--
(1) by striking ''related to such correspondent account'';
(2) by striking ''or the Attorney General'' and inserting
'', the Attorney General, or the Secretary of Homeland
Security''; and
(3) by adding at the end the following:
''(iii) Grand jury or trial subpoena.--In
addition to a subpoena issued by the Attorney
General, Secretary of the Treasury, or the
Secretary of Homeland Security under clause
(i), a subpoena under clause (i) includes a
grand jury or trial subpoena requested by the
Government.''.
(c) Fair Credit Reporting Act Amendment.--Section 604(a)(1) of the
Fair Credit Reporting Act (15 U.S.C. 1681b(a)(1)) is amended--
(1) by striking ''or''; and
(2) by inserting before the period the following: '', or an
investigative subpoena issued under section 5318 of title 31,
United States Code''.
(d) Obstruction of Justice.--Section 1510(b) of title 18, United
States Code, is amended--
(1) in paragraph (2)(A), by inserting ''or an investigative
subpoena issued under section 5318 of title 31, United States
Code'' after ''grand jury subpoena''; and
(2) in paragraph (3)(B), by inserting '', an investigative
subpoena issued under section 5318 of title 31, United States
Code,'' after ''grand jury subpoena''.
(e) Right to Financial Privacy Act.--Section 1120 of the Right to
Financial Privacy Act of 1978 (12 U.S.C. 3420) is amended--
(1) in subsection (a)(1), by inserting ''or to the
Government'' after ''to the grand jury''; and
(2) in subsection (b)(1), by inserting '', or an
investigative subpoena issued pursuant to section 5318 of title
31, United States Code,'' after ''grand jury subpoena''.

SEC. 104. TRANSPORTATION OR TRANSHIPMENT OF BLANK CHECKS IN BEARER
FORM.

Section 5316 of title 31, United States Code, is amended by adding
at the end the following:
''(e) Monetary Instruments With Amount Left Blank.--For purposes of
this section, a monetary instrument in bearer form that has the amount
left blank, such that the amount could be filled in by the bearer,
shall be considered to have a value equal to the highest value of the
funds in the account on which the monetary instrument is drawn during
the time period the monetary instrument was being transported or the
time period it was negotiated or was intended to be negotiated.''.

SEC. 105. BULK CASH SMUGGLING.

Section 5332(a) of title 31, United States Code, is amended--
(1) in subsection (b)(1), by striking ''5 years'' and
inserting ''10 years''; and
(2) by adding the end the following:
''(d) Investigative Authority.--Violations of this section may be
investigated by the Attorney General, the Secretary of the Treasury,
the Secretary of Homeland Security, and the Postal Service.''.

SEC. 106. VIOLATIONS INVOLVING COMMINGLED FUNDS AND STRUCTURED
TRANSACTIONS.

Section 1957(f) of title 18, United States Code, is amended--
(1) in paragraph (2) by striking ''and'' at the end;
(2) in paragraph (3), by striking the period and inserting
a semicolon; and
(3) by adding at the end the following:
''(4) the term 'monetary transaction in criminally derived
property that is of a value greater than $10,000' includes--
''(A) a monetary transaction involving the
transfer, withdrawal, encumbrance or other disposition
of more than $10,000 from a bank account in which more
than $10,000 in proceeds of specified unlawful activity
have been commingled with other funds;
''(B) a series of monetary transactions in amounts
under $10,000 that exceed $10,000 in the aggregate and
that are closely related to each other in terms of such
factors as time, the identity of the parties involved,
the nature and purpose of the transactions, and the
manner in which they are conducted; and
''(C) any financial transaction covered under
section 1956(j) that involves more than $10,000 in
proceeds of specified unlawful activity; and
''(5) the term 'monetary transaction involving property of
a value that is greater than $10,000' includes a series of
monetary transactions in amounts under $10,000 that exceed
$10,000 in the aggregate and that are closely related to each
other in terms of such factors as time, the identity of the
parties involved, the nature and purpose of the transactions,
and the manner in which they are conducted.''.

SEC. 107. CHARGING MONEY LAUNDERING AS A COURSE OF CONDUCT.

(a) In General.--Section 1956 of title 18, United States Code, is
amended by adding at the end the following:
''(j) Multiple Violations.--Multiple violations of this section
that are part of the same scheme or continuing course of conduct may be
charged, at the election of the Government, in a single count in an
indictment or information.''.
(b) Conspiracies.--Section 1956(h) of title 18, United States Code,
is amended by striking ''or section 1957'' and inserting '', section
1957, or section 1960''.

SEC. 108. ILLEGAL MONEY TRANSMITTING BUSINESSES.

(a) Technical Amendments.--
(1) In general.--Section 1960 of title 18, United States
Code, is amended--
(A) in the heading by striking ''unlicensed'' and
inserting ''illegal'';
(B) in subsection (a), by striking ''unlicensed''
and inserting ''illegal'';
(C) in subsection (b)(1), by striking
''unlicensed'' and inserting ''illegal''; and
(D) in subsection (b)(1)(C), by striking ''to be
used to be used'' and inserting ''to be used''.
(2) Chapter analysis.--The item relating to section 1960 in
the table of sections for chapter 95 of title 18, United States
Code, is amended to read as follows:

''1960. Prohibition of illegal money transmitting businesses.''.
(b) Definition of Business To Include Informal Value Transfer
Systems and Money Brokers for Drug Cartels.--Section 1960(b) of title
18, United States Code, is amended--
(1) in paragraph (2), by striking ''and'' at the end;
(2) in paragraph (3), by striking the period and inserting
''; and''; and
(3) by adding at the end the following:
''(4) the term 'business' includes any person or
association of persons, formal or informal, licensed or
unlicenced, that provides money transmitting services on behalf
of any third party in return for remuneration or other
consideration.''.
(c) Prohibition of Unlicensed Money Transmitting Businesses.--
Section 1960(b)(1)(B) of title 18, United States Code, is amended by
inserting the following before the semicolon: '', whether or not the
defendant knew that the operation was required to comply with such
registration requirements''.
(d) Authority To Investigate.--Section 1960 of title 18, United
States Code, is amended by adding at the end the following:
''(c) Authority To Investigate.--Violations of this section may be
investigated by the Attorney General, the Secretary of the Treasury,
and the Secretary of Homeland Security.''.

SEC. 109. KNOWLEDGE THAT THE PROPERTY IS THE PROCEEDS OF A SPECIFIC
FELONY.

(a) Proceeds of a Felony.--Section 1956(c)(1) of title 18, United
States Code, is amended by inserting '', and regardless of whether or
not the person knew that the activity constituted a felony'' before the
semicolon at the end.
(b) Intent To Conceal or Disguise.--Section 1956(a) of title 18,
United States Code, is amended--
(1) in paragraph (1)(B)(i), by striking ''specified
unlawful activity'' and inserting ''some form of unlawful
activity''; and
(2) in paragraph (2)(B)(i), by striking ''specified
unlawful activity'' and inserting ''some form of unlawful
activity''.

SEC. 110. EXTRATERRITORIAL JURISDICTION.

Section 1956(f)(1) of title 18, United States Code, is amended by
inserting ''or has an effect in the United States'' after ''conduct
occurs in part in the United States''.

SEC. 111. CONDUCT IN AID OF COUNTERFEITING.

(a) In General.--Section 474(a) of title 18, United States Code, is
amended by inserting after the paragraph beginning ''Whoever has in his
control, custody, or possession any plate'' the following:
''Whoever, with intent to defraud, has custody, control, or
possession of any material that can be used to make, alter, forge, or
counterfeit any obligation or other security of the United States or
any part of such obligation or security, except under the authority of
the Secretary of the Treasury; or''.
(b) Foreign Obligations and Securities.--Section 481 of title 18,
United States Code, is amended by inserting after the paragraph
beginning ''Whoever, with intent to defraud'' the following:
''Whoever, with intent to defraud, has custody, control, or
possession of any material that can be used to make, alter, forge, or
counterfeit any obligation or other security of any foreign government,
bank, or corporation; or''.
(c) Counterfeit Acts.--Section 470 of title 18, United States Code,
is amended by striking ''or 474'' and inserting ''474, or 474A''.
(d) Materials Used in Counterfeiting.--Section 474A(b) of title 18,
United States Code, is amended by striking ''any essentially
identical'' and inserting ''any thing or material made after or in the
similitude of any''.

TITLE II--TECHNICAL AMENDMENTS

SEC. 201. TECHNICAL AMENDMENTS TO SECTIONS 1956 AND 1957.

(a) Unlawful Activity.--Section 1956(c) of title 18, United States
Code, is amended--
(1) in paragraph (2), by striking '''conducts''' and
inserting '''conduct'''; and
(2) in paragraph (7)(F), by inserting '', as defined in
section 24(a)'' before the semicolon.
(b) Property From Unlawful Activity.--Section 1957 of title 18,
United States Code, is amended--
(1) in subsection (a), by striking ''engages or attempts to
engage in'' and inserting ''conducts or attempts to conduct'';
and
(2) in subsection (f)--
(A) in paragraph (2), by striking ''and'' at the
end;
(B) in paragraph (3), by striking the period and
inserting ''; and''; and
(C) by adding at the end the following:
''(4) the term 'conduct' has the meaning given such term
under section 1956(c)(2).''.
A:
Combating Money Laundering and Terrorist Financing Act of 2006 - Amends money laundering provisions of the federal criminal code to redefine "specified unlawful activity" as: (1) any act constituting an offense in violation of the laws of the United States or any State punishable by imprisonment for a term exceeding 1 year; and (2) any act occurring outside of the United States that would constitute such an offense if committed within U.S. jurisdiction.

Revises the procedure for issuing subpoenas in money laundering cases.

Assigns a standard value to monetary instruments payable to bearer in blank (with no amount indicated on the instrument).

Increases the penalty for bulk cash smuggling in or out of the United States from five to 10 years.

Redefines money laundering transactions involving amounts greater than $10,000 to include commingling of funds from separate accounts and structured transactions designed to avoid reporting requirements.

Permits a single indictment for multiple money laundering violations that are part of the same scheme or continuing course of conduct.

Prohibits illegal (currently, unlicensed) money transmitting businesses.

Extends the jurisdiction of the United States in money laundering cases to include activities outside of the United States that have an effect in the United States.

Prohibits the possession of any material that can be used to counterfeit U.S. currencies.