Sec. 7. Enforcement
559 words·~3 min read·
/bill/117/hr/3057/ih/section-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any transaction or other device entered into or employed for the purpose of, or with the effect of, evading or circumventing this Act is prohibited. Whenever it appears to the Attorney General that any person is engaged in, or is about to engage in, any act that constitutes, or would constitute, a violation of this Act, the Attorney General may initiate civil action in a district court of the United States to enjoin such violation. Any person who submits a report with a material misstatement or omission or makes a false certification under this Act may be liable to the United States for a civil penalty not to exceed $250,000 per violation.
The amount of the penalty imposed for a violation shall be based on the nature of the violation. Any person who fails to comply with the requirements of this Act may be liable to the United States for a civil penalty not to exceed the greater of $250,000 or the value of the transaction. The amount of a penalty imposed for a violation shall be based on the nature of the violation. A determination to impose penalties under paragraph
(1)or
(2)shall be made by CFIUS. Notice of the penalty, including a written explanation of the conduct to be penalized and the amount of the penalty, shall be sent to the subject person electronically and by U.S. mail or courier service. Notice shall be deemed to have been effected by the earlier of the date of electronic transmission and the date of receipt of U.S. mail or courier service. Upon receiving notice of a penalty to be imposed under paragraph
(1)or (2), the subject person may, within 15 business days of receipt of such notice, submit a petition for reconsideration to the Staff Chairperson, including a defense, justification, or explanation for the conduct to be penalized. CFIUS shall review the petition and issue any final penalty determination within 15 business days of receipt of the petition. The Staff Chairperson and the subject person may extend either such period through written agreement. CFIUS and the subject person may reach an agreement on an appropriate remedy at any time before CFIUS issues any final penalty determination. The penalties authorized in paragraphs
(1)and
(2)may be recovered in a civil action brought by the United States in Federal district court. Section 2 of the False Statements Accountability Act of 1996 ( 18 U.S.C. 1001 ) shall apply to all information provided to CFIUS or the President under this Act. The penalties available under this subsection are without prejudice to other penalties, civil or criminal, available under law. The imposition of a civil monetary penalty under this subsection creates a debt due to the U.S. Government. The Department of the Treasury may take action to collect the penalty assessed if not paid within the time prescribed by CFIUS and notified to the applicable party or parties. In addition or instead, the matter may be referred to the Department of Justice for appropriate action to recover the penalty. In this subsection: The term Staff Chairperson means the Department of the Treasury official so designated by the Secretary of the Treasury or by the Secretary's designee. In this subsection, the term subject person means the person or persons who may be liable to the United States for a civil penalty.
Connectionstraces to 1
Traces to 1 document