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Code · BILL · 115th Congress · S. 1241 (Introduced in Senate) — To improve the prohibitions on money laundering, and for other purposes. · Sec. 18

Sec. 18. Prohibition on concealment of ownership of account

362 words·~2 min read·/bill/115/s/1241/is/section-18·

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Subchapter II of chapter 53 of title 31, United States Code, is amended by adding at the end the following: No person shall knowingly conceal, falsify, or misrepresent, or attempt to conceal, falsify, or misrepresent, from or to a financial institution, a material fact concerning the ownership or control of an account or assets held in an account with a financial institution. A person convicted of an offense under subsection (a), or a conspiracy to commit such offense, shall be imprisoned for not more than 10 years, fined not more than $1,000,000, or both.
The court, in imposing penalties under subsection (b), shall order that the defendant forfeit to the United States any property involved in the offense, or a conspiracy to commit such offense, and any property traceable thereto. Section 413 of the Controlled Substances Act ( 21 U.S.C. 853 ) shall govern the seizure, restraint, and forfeiture of property under this paragraph. Any property involved in a violation of subsection (a), or a conspiracy to commit such violation, and any property traceable thereto may be seized and forfeited to the United States.
Seizures and forfeitures under this paragraph shall be governed by the provisions of chapter 46 of title 18 relating to civil forfeitures, except that such duties, under customs laws described in section 981(d) of title 18, given to the Secretary of the Treasury shall be performed by such officers, agents, and other persons as designated by the Secretary of Homeland Security or the Attorney General. In this subsection, the term property involved in includes any assets credited to, attempted to be credited to, or contained in the account.
In this section, the term financial institution means any entity defined under section 5312(a)(2), or the regulations promulgated under this title, that is required to— implement a customer identification program under this title, or the regulations promulgated under this title; or conduct customer due diligence under this title, or the regulations promulgated under this title. . The table of sections for subchapter II of chapter 53 of title 31, United States Code, is amended by adding at the end the following: 5333.
Prohibition on concealment of ownership of account. .
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Sec. 18
Prohibition on concealment of ownership of account
U.S.C.§ 853
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