S.473 - Combating Money Laundering and Terrorist Financing Act of 2007

A bill to improve the prohibitions on money laundering, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to improve the prohibitions on money laundering, and for other purposes. as introduced.
  • Short: Combating Money Laundering and Terrorist Financing Act of 2007 as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 1
  • Past Seven Days: 4
  • All-Time: 1,028
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
02/01/07
 
 
 
 
 
 
 

Official Summary

Combating Money Laundering and Terrorist Financing Act of 2007 - 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 impri

Official Summary

Combating Money Laundering and Terrorist Financing Act of 2007 - 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.Establishes funding authority for the U.S. Secret Service in FY2008-FY2010, including the authority to use funds obtained from any undercover investigative operation to offset expenses incurred in such operation.

...Read the Rest




Vote on This Bill

-% Users Support Bill

0 in favor / 0 opposed
 

Send Your Senator a Letter

about this bill Support Oppose Tracking
Track with MyOC