Sec. 201. Authorizing special measures against foreign jurisdictions, financial institutions, and others that significantly impede United States tax enforcement
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/bill/115/s/851/is/section-201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5318A of title 31, United States Code, is amended— by striking the section heading and inserting the following: ; in subsection (a), by striking the subsection heading and inserting the following: ; in subsection (c)— by striking the subsection heading and inserting the following: ; and by inserting at the end of paragraph
(2)thereof the following new subparagraph: The fact that a jurisdiction or financial institution is cooperating with the United States on implementing the requirements specified in chapter 4 of the Internal Revenue Code of 1986 may be favorably considered in evaluating whether such jurisdiction or financial institution is significantly impeding United States tax enforcement. ; in subsection (a)(1), by inserting or is significantly impeding United States tax enforcement after primary money laundering concern ; in subsection (a)(4)— in subparagraph (A)— by inserting in matters involving money laundering, before shall consult ; and by striking and at the end; by redesignating subparagraph
(B)as subparagraph (C); and by inserting after subparagraph
(A)the following: in matters involving United States tax enforcement, shall consult with the Commissioner of Internal Revenue, the Secretary of State, the Attorney General of the United States, and in the sole discretion of the Secretary, such other agencies and interested parties as the Secretary may find to be appropriate; and ; in each of paragraphs (1)(A), (2), (3), and
(4)of subsection (b), by inserting or to be significantly impeding United States tax enforcement after primary money laundering concern each place that term appears; in subsection (b), by striking paragraph
(5)and inserting the following: If the Secretary finds a jurisdiction outside of the United States, 1 or more financial institutions operating outside of the United States, or 1 or more classes of transactions within or involving a jurisdiction outside of the United States to be of primary money laundering concern or to be significantly impeding United States tax enforcement, the Secretary, in consultation with the Secretary of State, the Attorney General of the United States, and the Chairman of the Board of Governors of the Federal Reserve System, may prohibit, or impose conditions upon— the opening or maintaining in the United States of a correspondent account or payable-through account; or the authorization, approval, or use in the United States of a credit card, charge card, debit card, or similar credit or debit financial instrument by any domestic financial institution, financial agency, or credit card company or association, for or on behalf of a foreign banking institution, if such correspondent account, payable-through account, credit card, charge card, debit card, or similar credit or debit financial instrument, involves any such jurisdiction or institution, or if any such transaction may be conducted through such correspondent account, payable-through account, credit card, charge card, debit card, or similar credit or debit financial instrument. ; in subsection (c)(1), by inserting or is significantly impeding United States tax enforcement after primary money laundering concern ; in subsection (c)(2)(A)— in clause (ii), by striking bank secrecy or special regulatory advantages and inserting bank, tax, corporate, trust, or financial secrecy or regulatory advantages ; in clause (iii), by striking supervisory and counter-money and inserting supervisory, international tax enforcement, and counter-money ; in clause (v), by striking banking or secrecy and inserting banking, tax, or secrecy ; and in clause (vi), by inserting , tax treaty, or tax information exchange agreement after treaty ; in subsection (c)(2)(B)— in clause (i), by inserting or tax evasion after money laundering ; and in clause (iii), by inserting , tax evasion, after money laundering ; and in subsection (d), by inserting involving money laundering, and shall notify, in writing, the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives of any such action involving United States tax enforcement after such action .