Bill Summary
This legislation, titled the "Precious Metals Anti-Money Laundering Act," requires the Secretary of the Treasury to take into consideration transactions involving precious metals when identifying jurisdictions that are considered primary money laundering concerns. It also requires the Secretary to consider the extent to which these transactions are used to facilitate blocked transactions under U.S. sanctions. This bill aims to combat money laundering and illicit financial activities involving precious metals.
Possible Impacts
1. Individuals or companies involved in the trade or sale of precious metals may face increased scrutiny and regulation by the Secretary of the Treasury, potentially leading to added costs and restrictions on their business practices.
2. People living in jurisdictions that are identified as being primary money laundering concerns may face challenges in conducting financial transactions involving precious metals, as they may be subject to being blocked by the United States under sanctions.
3. Financial institutions operating in jurisdictions identified as primary money laundering concerns may face penalties or increased oversight if they are found to facilitate transactions related to precious metals that are subject to being blocked under US sanctions.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5843 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 5843
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.
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 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;''.
<all>